City Council Finance Committee
November 6, 2023

City of San Ramon

FINANCE COMMITTEE
AGENDA

PLEASE NOTE TIME CHANGE
Mark Armstrong, Chair • Scott Perkins, Vice Chair
City Hall - Large Conference Room,
Second Floor
7000 Bollinger Canyon Road
Regular Meeting
1:15 PM
November 6, 2023
AGENDA QUESTIONS:

PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2576

1. CALL TO ORDER

2. PUBLIC COMMENT
At this time, members of the public are encouraged to address the Committee on any item not already included on the agenda. Comments should not exceed three (3) minutes. No Committee action can be taken at this meeting on issues raised during public comment.

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - Oct 16, 2023 4:00 PM

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 City of San Ramon Government Account Standards Board (GASB) 75 Other Postemployment Benefits (OPEB) Valuation Report Measured as of June 30, 2022 for Disclosures for the Fiscal Year Ending June 30, 2023 Presentation by Roger Burton, Actuary, Precision Actuarial, Inc.

5.2 California Employer’s Benefit Trust (CERBT) for the Period Ending September 30, 2023
Report by Candace Daniels, Finance Division Manager
2 Finance Committee Meeting – November 6, 2023

6. COMMITTEE MEMBER COMMENTS

7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for December 11, 2023.

I hereby certify that the agenda was posted 72 hours before the noted meeting. To make a request for disability-related accommodation to participate in the meeting, please contact the City Clerk’s Office 48 hours in advance of the meeting at 925-973-2539 or [email protected].

Dated: November 2, 2023

ATTENDEE CONDUCT
There will be zero tolerance for any person addressing the Committee making profane, offensive and disruptive remarks, or engaging in loud, boisterous, or other disorderly conduct, that disrupts the orderly conduct of the public meeting. Specifically, it is important for all speakers to adhere to the following guidelines for participation in this meeting:
a. No profanity or obscenity
b. Refrain from personal threats or attacks.
c. Refrain from hateful epithets and demeaning language based on any person’s race, religion, sexual orientation, ethnicity, gender, or disability. d. Respect all people that are present.

At the discretion of the Committee Chair, a speaker may forfeit speaking time for any of the following reasons:
a. Exceeding the allotted time to speak;
b. Yelling, screaming, or other behavior that renders this Committee unable to continue the meeting;
c. Excessive profanity or slander; Specific threats or “fighting words” that incite violence; or
d. Speech that is outside the subject matter jurisdiction of the Committee or the specific agenda item in which you are speaking.

While the City of San Ramon ensures the First Amendment rights of its citizens, we do not accept nor endorse any offensive or hateful comments made during our meetings. The City of San Ramon celebrates the diversity of our community, and we strive to be a welcoming and open community for all.

MINUTES OF THE

CITY OF SAN RAMON FINANCE COMMITTEE
October 16, 2023

1. CALL TO ORDER
The meeting was called to order at 4:00 PM.

Attendee Name Title Status Arrived
Mark Armstrong Chair Present
Scott Perkins Vice Chair Absent
Sridhar Verose Councilmember Present
Lauren Barr, Planning Services Manager
Candace Daniels, Finance Division Manager
Miaoxia Joe, Financial Analyst
Scott Koll, Deputy City Manager
Nicki MacPherson, Accounting Specialist
Adolfo Navarro, Accounting Specialist
Vance Phillips, Chief Building Official
Steven Spedowfski, City Manager

2. PUBLIC COMMENT

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - September 11, 2023 3:00 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Armstrong, Verose

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 Approve the Addition of One Full-Time Two-Year Limited Term Office Specialist and One Full-Time Two-Year Limited Term Plans Examiner.

Report by Vance Phillips, Chief Building Official
The Finance Committee accepted the report and recommended forwarding to the City Council for approval.

RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Verose

3.1 Packet Pg. 3
Minutes Acceptance: Minutes of Oct 16, 2023 4:00 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – October 16, 2023

5.2 Amendment No. 1 to the West Coast Code Consultants, Inc. Agreement for Staffing and Plan Check Services in the Amount of $800,000 for a Total Amount Not to Exceed $1,600,000 and Extend the Contract through June 30, 2026.

Report by Vance Phillips, Chief Building Official
The Finance Committee accepted the report and recommended forwarding to the City Council for approval.

RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Verose

5.3 City of San Ramon Quarterly Revenue and Expenditure Reports FY23/24 Q1 Ending September 30, 2023
Staff Report by Miaoxia Joe, Finance Analyst
The Finance Committee accepted the report.

RESULT: ACCEPTED

5.4 City of San Ramon Quarterly Investment Report (Period Ending September 30, 2023)
Staff Report by Miaoxia Joe, Finance Analyst
The Finance Committee accepted the report.

RESULT: ACCEPTED

5.5 Preliminary and Unaudited General Fund Financial Results for FY 2022-2023 Report by Candace Daniels, Finance Division Manager
The Finance Committee accepted the report.

RESULT: ACCEPTED

6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional to report.

7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for November 6, 2023

3.1 Packet Pg. 4
Minutes Acceptance: Minutes of Oct 16, 2023 4:00 PM (APPROVAL OF MINUTES)

FINANCE COMMITTEE STAFF REPORT
DATE: November 6, 2023
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: City of San Ramon Government Account Standards Board (GASB) 75 Other Postemployment Benefits (OPEB) Valuation Report Measured as of June 30, 2022 for Disclosures for the Fiscal Year Ending June 30, 2023

ATTACHMENT
A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023

5.1 Packet Pg. 5
City of San Ramon
GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for Disclosures for the Fiscal Year Ending June 30, 2023 September 18, 2023
11750 Atwood Road
Auburn, California 95603
t: (415) 801‒5987 f: (415) 358‒8500
www.PrecisionActuarial.com

5.1.a
Packet Pg. 6
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :
11750 Atwood Road
Auburn, California 95603
www.PrecisionActuarial.com
(415) 801‒5987
September 18, 2023
Candace Daniels
Finance Division Manager
City of San Ramon
7000 Bollinger Canyon Road
San Ramon, California 94583
Re: City of San Ramon Retiree Health Benefits Plan GASB 75 OPEB Valuation Report Measured as of June 30, 2022
Dear Ms. Daniels:

At your request, we completed an actuarial valuation of the retiree health and welfare benefits valued as of June 30, 2021, and measured as of June 30, 2022, for the City of San Ramon. This is a roll-forward valuation.

Please use the information in this report for your financial statements for the fiscal year ending June 30, 2023.

This valuation is based on input from the City and from CalPERS, as well as our understanding of GASB Statement No. 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions” (GASB 75).

We greatly appreciate your business. If you have any questions, please feel free to call us at (415) 801‒5987.

Best Regards,
Roger T. Burton, FSA, MAAA, FCA
Corporate Solutions for the Modern World
Healthcare • Pension • Valuations • Financial Reporting • Claim Liabilities Self-Funded Plans • Actuarial Attestations • Creditable Coverage • Expert Witness DUNS: 079861610 CAGE: 7EC83 CA Supplier: 1798304

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Executive Summary
Overview 1
Accounting Summary 3
Reconciliation of the Change in the Total OPEB Liability 4 Accounting Information
Statement of Fiduciary Net Position 5
Statement of Changes to the Fiduciary Net Position 6
Changes in the Net OPEB Liability 7
Development of Deferred Outflows and Inflows of Resources 8 Expense and Deferred Outflows and Inflows 10
Interest on the Liability and Earnings, and Investment Gain/Loss 11 Reconciliation of Expense 12
Impact on the Statement of Net Position 13
Sample Journal Entries 14
Amortization of the Net OPEB Liability 16
Actuarially Determined Contribution (ADC) 17
Projection of Benefit Payments 18
Projection of Benefit Payments Chart 19
Projection of Contributions 20
Projection of Contributions Charts 21
Projection of Fiduciary Net Position 22
Depletion Date Projection 23
Depletion Date Projection Chart 24
Schedule of Implicit Subsidy Liability (Not a Required Schedule) 25 Schedule of Deferred Outflows and Inflows of Resources 26 Schedule of Changes in the Net OPEB Liability and Related Ratios 27 Schedule of Changes in the Net OPEB Liability and Related Ratios Chart 28 Schedule of Investment Returns 29
Schedule of Contributions 30
Draft Notes to the Financial Statements 31
Basis of Valuation
Substantive Plan 37
Participant Summary 39
Participant Summary Charts 40
Actuarial Assumptions 41
Appendix
About GASB 75 44
Decrement Tables 49
Contents

5.1.a
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Executive Summary
Purpose of the Report
Valuation Date: June 30, 2021
Measurement Date: June 30, 2022
Report Date: June 30, 2023
Application to Financials
Changes Since the Prior Valuation
Overview
Precision Actuarial prepared this report to meet employer financial accounting requirements under GASB Statement No. 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions” (GASB 75), issued in June 2015, as amended by GASB Statement No. 85. This report includes information with respect to the obligation to provide future retiree health and welfare benefits for the fiscal year ending June 30, 2023.

The City should use the liabilities, assets, and expense measured as of June 30, 2022, for its financial statements for the year ending June 30, 2023.

This valuation is a roll-forward of the valuation produced for the prior fiscal year. We updated:

This report provides assets, liabilities, and expenses for use in the City's 2023 financial reports.

Update procedures were used to roll the total OPEB liability forward to the measurement date. • Assets
The report also provides the actuarially determined contributions for funding purposes for reporting for the fiscal years ending June 30 for 2023 and 2024.
• Discount rate from 7.11% to 5.84%
• Benefit payments
• Contributions
• Payroll Growth rate from 2.45% to 2.80%
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Executive Summary
Actuarial Certification
Roger T. Burton, FSA, MAAA, FCA
Chief Actuary
The undersigned is a member of the American Academy of Actuaries and meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.

There is no relationship between Precision Actuarial, its owners, subcontractors, or staff; GovInvest; or the City of San Ramon beyond the contractual services that we perform for the City of San Ramon.

No third-party recipient of Precision Actuarial's work product should rely solely on Precision Actuarial's work product. Any third-party recipient should engage qualified professionals for advice appropriate to their own needs.

Overview
We based the results in this report on this information, along with the actuarial assumptions and methods used herein. In our opinion, the assumptions used represent reasonable expectations of anticipated plan experience.

We reviewed the census information for reasonableness, but we did not audit it.

Actuarial computations under GASB 75 fulfill employer accounting and financial reporting requirements. The calculations are consistent with our understanding of GASB 75. Determinations for purposes other than meeting employer financial accounting requirements may be significantly different from the results in our report.

Accordingly, additional determinations may be necessary for other purposes, such as judging benefit security at termination.

On the basis of the foregoing, we hereby certify that, to the best of our knowledge and belief, the report is complete and accurate and that we prepared it in accordance with generally recognized and accepted actuarial principles and practices which are consistent with the applicable "Actuarial Standards of Practice" and "Actuarial Compliance Guidelines" as promulgated by the American Academy of Actuaries.

Our determinations reflect the provisions and methods prescribed by GASB 75. In preparing this report, we relied on assets, employee census, plan design, and administrative fees provided directly or indirectly by the plan sponsor, and demographic assumptions provided by CalPERS. CalPERS' actuaries set the premium rates using community rating. We did not attempt to verify that the community-rated premium rates represent the true cost of claims and administrative fees.

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Executive Summary
A summary of the key valuation results follows. Prior Report Current Report Valuation Date: June 30, 2021 June 30, 2021
Measurement Date: June 30, 2021 June 30, 2022
Report Date: June 30, 2022 June 30, 2023
Present Value of Future Benefits
Active Employees 16,629,962 $ 21,004,683 $
Retirees + 25,282,913 29,506,693
Total Present Value of Future Benefits = 50,511,376 41,912,875 Total Present Value of Future Normal Costs − 9,327,818 7,029,952 Total OPEB Liability (TOL) = $ 41,183,558 34,882,923 $
OPEB Liability
Active Employees 9,600,010 $ 11,676,865 $
Retirees + 25,282,913 29,506,693
Total OPEB Liability (TOL) = 41,183,558 34,882,923
Fiduciary Net Position (FNP) − 34,514,836 39,516,232
Net OPEB Liability (NOL) = $ 6,668,722 (4,633,309) $
Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability
113.28% 83.81%
Covered Payroll 31,416,882 $ 26,500,255 $
Net OPEB Liability as a Percentage of Covered Payroll
-14.75% 25.16%
Measurement Period: 2020–2021 2021–2022
Reporting Period: 2021–2022 2022–2023
Expense $ 299,585 $ 2,615,059
Actuarially Determined Contribution (ADC)* 1,377,887 1,377,887 *The Actuarially Determined Contribution includes the implicit subsidy. It is not the amount that the City contributes directly to the fund. See page 17 for the City's direct contribution.

Accounting Summary
Net Position Chart (NOL not shown if ≤ 0)
FNP
$39,516,232 FNP
$34,514,836
NOL
$6,668,722
TOL
$34,882,923
TOL
$41,183,558
2022 2023
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Executive Summary
Total OPEB Liability as of Measurement Date June 30, 2021 / Report Date June 30, 2022 $ 34,882,923
Service Cost 791,800
Interest Cost 2,456,783
Differences Between Expected and Actual Experience 14,311 Changes of Assumptions
Change in Discount Rate from 7.11% to 5.84% 5,303,163
Change in Payroll Growth Rate (23,796)
Total Changes of Assumptions 5,279,367
Benefit Payments (1,665,501)
Implicit Subsidy Credit (576,125)
Total OPEB Liability as of Measurement Date June 30, 2022 / Report Date June 30, 2023 $ 41,183,558
Reconciliation of the Change in the Total OPEB Liability Reconciliation of the Change in the Total OPEB Liability A detailed reconciliation of the changes to the Total OPEB Liability since the prior valuation report follows. ($23,796)($1,665,501)($576,125)
$791,800 $2,456,783 $14,311
$5,303,163
$34,882,923
$41,183,558
$5.0 M
$10.0 M
$15.0 M
$20.0 M
$25.0 M
$30.0 M
$35.0 M
$40.0 M
$45.0 M
$50.0 M
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Measurement Date: June 30, 2022
Report Date: June 30, 2023
Assets
Cash and Deposits $ -
Securities Lending Cash Collateral -
Total Cash -
Receivables:

Contributions -
Due from Broker for Investments Sold -
Investment Income (Interest on Investments) -
Other -
Total Receivables -
Investments:

Domestic Fixed Income Securities -
Domestic Equities -
Investment Funds 34,514,836
International Equities -
Real Estate -
Total Investments 34,514,836
Total Assets $ 34,514,836
Liabilities
Payables:

Investment Management Fees $ -
Due to Broker for Investments Purchased -
Collateral Payable for Securities Lending -
Other -
Total Liabilities $ -
Net Position Restricted for Postemployment Benefits Other than Pensions $ 34,514,836 Statement of Fiduciary Net Position
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Measurement Date: June 30, 2021 June 30, 2022
Report Date: June 30, 2022 June 30, 2023
Additions
Investment Income:

Net Appreciation in the Fair Value of Investments 6,457,509 $ (4,969,140) $ Interest and Dividends - -
Less Investment Expense, Other than from Securities Lending − 12,984 - Net Income from Investing, Other than from Securities
Lending 6,444,525 (4,969,140)
Securities Lending Income - -
Less Securities Lending Expense − - -
Net Income from Securities Lending - -
Other Income/(Expense) - (22,267)
Net Investment Income (a) 6,444,525 (4,991,407)
Contributions:

Employer — City's Contributions 1,808,627 1,665,501
Employer — Implicit Subsidy 534,423 576,125
Total Contributions (b) 2,343,050 2,241,626
Total Additions (c) = (a) + (b) 8,787,575 (2,749,781)
Deductions
Benefit Payments 1,508,627 1,665,501
Implicit Subsidy Credit 534,423 576,125
Administrative Expense 17,757 9,989
Total Deductions (d) 2,060,807 2,251,615
Net Increase in Net Position = (c) − (d) (5,001,396) 6,726,768 Net Position Restricted for Postemployment Benefits Other than Pensions Beginning of Year 32,789,464 39,516,232
Net Increase in Net Position 6,726,768 (5,001,396)
End of Year $ 39,516,232 34,514,836 $
Statement of Changes to the Fiduciary Net Position
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(a) (b) (c) = (a) ‒ (b)
Balance as of:

Measurement Date June 30, 2021 /
Report Date June 30, 2022 $ 39,516,232 34,882,923 $ (4,633,309) $ Changes for the year:

Service Cost 791,800 791,800
Interest 2,456,783 2,456,783
Changes of Benefit Terms - -
Differences Between Expected and Actual
Experience 14,311 14,311
Changes of Assumptions 5,279,367 5,279,367
Net Investment Income (4,969,140) 4,969,140
Contributions
Employer — City's Contributions 1,665,501 (1,665,501)
Employer — Implicit Subsidy 576,125 (576,125)
Benefit Payments (1,665,501) (1,665,501) -
Implicit Subsidy Credit (576,125) (576,125) -
Administrative Expense (9,989) 9,989
Other Changes (22,267) - 22,267
Net Changes (5,001,396) 6,300,635 11,302,031
Balance as of:

Measurement Date June 30, 2022 /
Report Date June 30, 2023 $ 34,514,836 41,183,558 $ 6,668,722 $ The funded status of the Plan as of the fiscal year-end, as well as other required disclosure information, follows.

Increase / (Decrease)
Changes in the Net OPEB Liability
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Balances as of Measurement Date June 30, 2022 / Report Date June 30, 2023Deferred Outflows and Inflows of Resources Arising from Differences Between Expected and Actual Experience Measurement Date — June 30:

Experience Losses
(a)
Experience Gains
(b)
Amounts Recognized in Expense Through
Measurement Date June 30, 2022
(c)
Deferred Outflows of
Resources
(a) − (c)
Deferred Inflows of
Resources
(b) − (c)
2017 $ - - $ - $ - $ - $
2018 - - - - -
2019 185,869 - 92,936 92,933 -
2020 - - - - -
2021 2,049,882 - 590,746 1,459,136 -
2022 14,311 - 2,075 12,236 -
Total $ - 1,564,305 $
Deferred Outflows and Inflows of Resources Arising from Changes in Assumptions Measurement Date — June 30:

Increase in Total
Liability
(a)
Decrease in Total
Liability
(b)
Amounts Recognized in Expense Through
Measurement Date June 30, 2022
(c)
Deferred Outflows of
Resources
(a) − (c)
Deferred Inflows of
Resources
(b) − (c)
2017 $ - - $ - $ - $ - $
2018 - - - - -
2019 - 751,478 375,740 375,738 -
2020 - - - - -
2021 - (2,475,853) (713,504) - (1,762,349)2022 5,279,367 - 765,126 4,514,241 -Total $ 4,889,979 $ (1,762,349) Development of Deferred Outflows and Inflows of Resources Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 8 5.1.a Packet Pg. 16
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Balances as of Measurement Date June 30, 2022 / Report Date June 30, 2023Deferred Outflows and Inflows of Resources Arising from Differences Between Projected and Actual Earnings on Investments Measurement Date — June 30:

Investment Earnings
Less Than Projected
(a)
Investment Earnings
Greater Than
Projected
(b)
Amounts Recognized
in Expense Through
Measurement Date
June 30, 2022
(c)
Deferred Outflows of
Resources
(d) = (a) − (c)
Deferred Inflows of
Resources
(e) = (b) − (c)
Net
(f) = (d) + (e)
2017 - $ (184,027) $ (184,027) $ - $ - $
2018 72,376 - 72,376 - -
2019 - (206,190) (164,952) - (41,238)
2020 283,133 - 169,881 113,252 -
2021 - (4,317,021) (1,726,810) - (2,590,211)
2022 7,030,464 - 1,406,093 5,624,371 -
Total $ (2,631,449) 5,737,623 $ 3,106,174 $
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Measurement Period: 2020–2021 2021–2022
Reporting Period: 2021–2022 2022–2023
Expense
Service Cost 1,006,540 $ 791,800 $
Interest on Total OPEB Liability 2,217,350 2,456,783
Changes of Benefit Terms - -
Recognized Differences Between Expected and Actual
Experience
320,682 318,607
Recognized Changes of Assumptions (262,817) 502,309
Projected Earnings on OPEB Plan Investments (2,127,504) (2,061,324) Recognized Differences Between Projected and Actual
Earnings 572,553 (870,348)
Administrative Expense 17,757 9,989
Other Miscellaneous (Income)/Expense - 22,267
Total Expense $ 2,615,059 299,585 $
Deferred Outflows and Inflows of Resources
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences Between Expected and Actual Experience $ 1,564,305 $ - Changes of Assumptions 4,889,979 (1,762,349)
Net Difference Between Projected and Actual Earnings on Plan Investments 3,106,174 -
Contributions Subsequent to the Measurement Date 2,389,658 - Total $ (1,762,349) 11,950,116 $
Report Year Ending June 30: Amount
2024 $ 1,381,068
2025 1,422,304
2026 1,365,683
2027 2,229,078
2028 709,504
Remaining 690,472
Expense and Deferred Outflows and Inflows
Report Year Ending June 30, 2023
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
For the report year ending June 30, 2023
Interest on Total OPEB Liability
Amount for
Period
(a)
Portion of
Period
(b)
Interest Rate
(c)
Interest on the Total
OPEB Liability
(d) = (a) × (b) × (c)
Beginning Total OPEB Liability 34,882,923 $ 100% 7.11% 2,480,176 $ Service Cost 791,800 100% 7.11% 56,297
Benefit Payments (1,665,501) 50% 7.11% (59,209)
Implicit Subsidy (576,125) 50% 7.11% (20,481)
Total Interest on Total OPEB Liability 2,456,783 $
Projected Earnings on Plan
Investments
Amount for
Period
(a)
Portion of
Period
(b)
Projected Rate
of Return
(c)
Projected Earnings
(d) = (a) × (b) × (c)
Beginning Plan Fiduciary Net
Position excluding Receivables $ 100% 5.22% 2,062,747 39,516,232 $ Employer Contributions - 50% 5.22% -
Benefit Payments from Trust - 50% 5.22% -
Administrative Expense (9,989) 50% 5.22% (261)
Other Miscellaneous
Income/(Expense) 100% 5.22% (1,162) (22,267)
Total Projected Earnings 2,061,324
(Investment Expense) -
Net Projected Earnings $ 2,061,324
Investment Gain / Loss Amount
Net Projected Earnings $ 2,061,324
Actual Net Earnings − (4,969,140)
Investment (Gain) / Loss $ 7,030,464
Interest on the Liability and Earnings, and Investment Gain/Loss Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 11

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Asset / (Liability) Deferred Outflows / (Inflows) Credit / (Expense) Asset / (Liability) Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
Differences
Between
Expected and
Actual
Experience
Changes in
Assumptions
Differences
Between
Projected and
Actual Earnings
on Investments
Contributions
Subsequent to the
Measurement Date Net Deferrals Expense
Impact on the
Statement of Net
Position
(a) (b) (c) = (a) + (b) (d) (e) (f) (g) (h) = ∑[(d):(g)] (i) (j) + (c) + (h) + (i) Balance as of:Measurement Date June 30, 2021 /Report Date June 30, 2022 $ 39,516,232 (34,882,923) $ 4,633,309 $ 1,870,676 $ (1,649,428) $ (3,351,737) $ 2,241,626 $ (888,863) $ 3,744,446 $ Service Cost (791,800) (791,800) (791,800)
Interest on Total OPEB Liability (2,456,783) (2,456,783) (2,456,783) Changes of Benefit Terms - - -Differences Between Expected and Actual Experience (14,311) (14,311) 14,311 14,311 - Changes in Assumptions (5,279,367) (5,279,367) 5,279,367 5,279,367 - Differences Between Projected and Actual Earnings on Investments (7,030,464) (7,030,464) 7,030,464 7,030,464 - Projected Earnings on OPEB Plan Investments 2,061,324 2,061,324 2,061,324 Contributions
Employer — City's Contribution 1,665,501 1,665,501 1,665,501 Employer — Implicit Subsidy 576,125 576,125 576,125
Benefit Payments 1,665,501 (1,665,501) - -
Implicit Subsidy Credit 576,125 (576,125) - -Administrative Expense (9,989) (9,989) (9,989) Other Income/(Expense) (22,267) (22,267) (22,267)
Recognition of Differences Between Expected and Actual Experience (320,682) (320,682) (320,682) Recognition of Changes in Assumptions (502,309) (502,309) (502,309)Recognition of Differences Between Projected and Actual Earnings on Investments (572,553) (572,553) (572,553) Recognition of Contributions Subsequent to the Measurement Date (2,241,626) (2,241,626) (2,241,626)Contributions Subsequent to the Measurement Date 2,389,658 2,389,658 2,389,658 Annual Expense $ (2,615,059) (2,615,059)
Net Change (6,300,635) (5,001,396) (11,302,031) (306,371) 4,777,058 6,457,911 148,032 11,076,630 (225,401) Balance as of:Measurement Date June 30, 2022 /Report Date June 30, 2023 $ 34,514,836 (41,183,558) $ (6,668,722) $ 1,564,305 $ 3,127,630 $ $ 3,106,174 $ 2,389,658 $ 10,187,767 $ 3,519,045 Reconciliation of Expense
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Impact on the Statement of Net Position
Measurement Date: June 30, 2021 June 30, 2022
Report Date: June 30, 2022 June 30, 2023
Total OPEB Liability / (Asset) $ 34,882,923 $ 41,183,558 $ 6,300,635 Fiduciary Net Position 39,516,232 34,514,836 (5,001,396) Net OPEB Liability / (Asset) (4,633,309) 6,668,722 $ 11,302,031 Deferred (Outflows) / Inflows Due To:

Differences between Expected and Actual
Experience (1,870,676) (1,564,305) 306,371
Changes of Assumptions 1,649,428 (3,127,630) (4,777,058) Differences between Projected and Actual
Investment Earnings 3,351,737 (3,106,174) (6,457,911)
(Contributions Subsequent to the Measurement
Date) (2,241,626) (2,389,658) (148,032)
Net Deferred (Outlfows) / Inflows 888,863 (10,187,767) (11,076,630) Impact on the Statement of Net Position (3,744,446) (3,519,045) 225,401 Change in Net Position During Report Year
Measurement Date: June 30, 2022
Report Date: June 30, 2023
Impact on the Statement of Net Position, Report
Year Ending June 30, 2023 (3,744,446)
OPEB Expense / (Income) 2,615,059
(Employer Contributions Reported for the Year) (2,389,658) Impact on the Statement of Net Position for the
Report Year Ending June 30, 2023 (3,519,045)
OPEB Expense
Measurement Date: June 30, 2022
Report Date: June 30, 2023
Deterioration / (Improvement) in Net Position 225,401
Employer Contributions Reported for the Year 2,389,658
OPEB Expense / (Income) for the Report Year
Ending June 30, 2023 2,615,059
Impact on the Statement of Net Position
Change During
Period
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Debit (Outflow) Credit (Inflow)
Net OPEB Liability/Asset $ - 4,633,309 $
Differences between Expected and Actual
Experience - 1,870,676
Changes of Assumptions 2,119,101 469,673
Differences between Projected and Actual
Investment Earnings 3,351,737 -
Contributions Subsequent to the
Measurement Date - 2,241,626
Impact on Statement of Net Position 3,744,446 -
Debit (Outflow) Credit (Inflow)
Net OPEB Liability/Asset $ 6,668,722 - $
Differences between Expected and Actual
Experience - 1,564,305
Changes of Assumptions 1,762,349 4,889,979
Differences between Projected and Actual
Investment Earnings - 3,106,174
Contributions Subsequent to the
Measurement Date - 2,389,658
Impact on Statement of Net Position 3,519,045 -
Debit Credit
Net OPEB Liability/Asset $ 11,302,031 - $
Deferred Outflows 306,371 -
Deferred Inflows - -
Deferred Outflows - 4,420,306
Deferred Inflows - 356,752
Deferred Outflows - 3,106,174
Deferred Inflows - 3,351,737
Contributions Subsequent to the
Measurement Date Deferred Outflows - 148,032
OPEB Expense/Credit 225,401 -
Total 11,608,402 11,608,402
Change to the Impact on the Statement of
Net Position - 225,401
Differences between Projected and Actual
Investment Earnings
Differences between Expected and Actual
Experience
Changes of Assumptions
OPEB-Expense Journal Entries
Sample Journal Entries
Suggested Journal Entries for the Report Year ending June 30, 2023 Beginning Balance
Ending Balance
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Debit Credit
$ 2,241,626 $ -
- 2,241,626
2,389,658 -
- 2,389,658
Debit Credit
$ 1,665,501 $ -
- 1,665,501
Debit Credit
$ 576,125 $ -
- 576,125
Contributions Subsequent to the Measurement Date:

Fiscal Year 2022–2023
Sample Journal Entries
Suggested Journal Entries for the Report Year ending June 30, 2023 Journal Entries — Deferred Outflows
Net OPEB Liability/Asset
Contributions Subsequent to the Measurement Date:

Fiscal Year 2021–2022
Premium Expense During the Fiscal Year
1 The entries here assume that when cash is used to pay benefits, that the trust does not reimburse, an account called "Employer Contributions for Retiree Benefits During the Fiscal Year" was debited (increased).

These entries reassign the benefit payments to the OPEB Expense. If the OPEB Expense account was originally debited, then these entries are unnecessary.
2 These entries assume that when premiums are paid for active employees, an account called "Premium Expense During the Fiscal Year" is debited (increased). This entry reverses the portion of the premium payments that represent implicit subsidies, recorded as a retiree liability, and assigns that value to the OPEB Expense.

Contributions Expense
Journal Entries — Benefits Paid Outside of the Trust1
OPEB Expense
Employer Contributions for Retiree Benefits During the Fiscal Year
Journal Entries — Implicit Subsidy2
OPEB Expense
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information

6.9 years
Historical Historical
Measurement Period: 2021–2022 2022–2023 2023–2024
Report Date (June 30): 2023 2024 2025
Total OPEB Liability $ 35,904,191 34,882,923 $ 42,218,590 $ Fiduciary Net Position − 39,516,232 41,545,300 36,225,569 Net OPEB Liability = (4,633,309) $ (5,641,109) $ 5,993,021 $ All values measured at the beginning of the measurement period.

Amortization Type Open Open Open
Interest Rate Used to Determine Amortization 6.50% 7.11% 5.84% Assumed Rate of Payroll Growth 2.750% 2.750% 2.800%
Amortization Period 6.9 years 6.9 years 6.9 years
Amount Recognized, Beginning of Year $ - - $ 944,970 $
It is the policy of the City not to allow negative amortizations.

A summary of the information used to establish the amortization amount for the current year and the followivg year, with respect to the Net OPEB Liability, follows. We recalculate the amortization each fiscal year. If the Net OPEB Liability is negative, it is an asset and it is not amortized.

Amortization of the Net OPEB Liability
The City is amortizing the net OPEB liability using a level-percent-of-pay method on an open basis. Remaining years of amortization as of the report date of June 30, 2023:

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Historical Historical
Measurement Period: 2021–2022 2022–2023 2023–2024
Report Date (June 30): 2023 2024 2025
Service Cost $ 791,800 $ 811,199 $ 1,058,059
Amortization of the Net OPEB Liability - 944,970 -
Interest 56,297 116,977 57,676
Service Cost and Amortization (with Interest) $ 848,097 $ 868,875 $ 2,120,006 Service Cost and Amortization (with Interest) as a
Percentage of Payroll 3.20% 3.20% 7.78%
Discount Rate for ADC Calculation 6.50% 7.11% 5.84%
ADC Components
City's Contribution to the Trust Fund $ - $ - $ -
Credit for Retiree Benefit Payments Outside of the Trust 1,651,682 1,710,459 1,817,242 Credit for Implicit Subsidy 611,026 576,125 710,416
Total ADC 2,227,807 $ 2,321,485 $ 2,527,658 $
ADC as a Percentage of Payroll 8.41% 8.55% 9.28%
City's Funding Policy
The City's funding policy is to contribute 100% of the sum of the service cost and amortization (both with interest) each year until the plan is fully funded, and then contribute the greater of the service cost or the total of the benefit payments and the implicit subsidy.

The ADC is the sum of the service cost and the amortization of the net OPEB liability, plus interest (if applicable). For payment of the ADC, however, it comprises three parts: the benefit payments paid directly by the City and not reimbursed through the Trust Fund, the credit for the implicit subsidy, and the contribution to the Trust Fund. If the total of the service cost and amortization is less than the total of the benefit payments and implicit subsidy, the contribution to the trust fund will be negative and is typically set to zero.

Actuarially Determined Contribution (ADC)
The calculation of the Actuarially Determined Contribution (ADC) follows. The ADC is based on the City's funding policy. The ADC is calculated as of the end of the year.

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Current Retirees Future Retirees Total Current Retirees Future Retirees Total 2023 $ 1,625,026 $ 85,433 $ 1,710,459 $ 506,961 $ 104,065 $ 611,026 $ 2,321,485 2024 1,683,307 133,935 1,817,242 542,372 168,044 710,416 2,527,658 2025 1,666,798 188,531 1,855,329 508,554 232,714 741,268 2,596,597 2026 1,693,515 230,157 1,923,672 523,415 287,066 810,481 2,734,153 2027 1,698,889 268,390 1,967,279 509,814 337,250 847,064 2,814,343 2028 1,658,911 312,541 1,971,452 464,633 374,319 838,952 2,810,404 2029 1,647,203 366,720 2,013,923 428,026 436,043 864,069 2,877,992 2030 1,604,362 400,057 2,004,419 365,827 476,368 842,195 2,846,614 2031 1,604,486 450,100 2,054,586 356,009 520,075 876,084 2,930,670 2032 1,574,124 519,013 2,093,137 304,272 586,883 891,155 2,984,292 2033 1,591,085 592,189 2,183,274 287,671 649,273 936,944 3,120,218 2034 1,604,652 651,154 2,255,806 259,036 724,034 983,070 3,238,876 2035 1,543,193 729,415 2,272,608 175,358 779,648 955,006 3,227,614 2036 1,474,897 760,320 2,235,217 69,676 829,689 899,365 3,134,5822037 1,465,706 860,346 2,326,052 24,451 895,466 919,917 3,245,9692038 1,478,487 942,954 2,421,441 12,852 922,351 935,203 3,356,6442039 1,500,971 1,030,965 2,531,936 13,442 949,923 963,365 3,495,301 2040 1,504,602 1,128,196 2,632,798 1,011,601 - 1,011,601 3,644,399 2041 1,518,348 1,195,051 2,713,399 - 947,784 947,784 3,661,183 2042 1,527,348 1,285,354 2,812,702 - 959,078 959,078 3,771,780 2043 1,531,149 1,405,084 2,936,233 1,005,974 - 1,005,974 3,942,207 2044 1,529,331 1,463,886 2,993,217 - 929,794 929,794 3,923,011 2045 1,521,504 1,477,017 2,998,521 - 914,146 914,146 3,912,667 2046 1,507,339 1,497,265 3,004,604 - 942,318 942,318 3,946,922 2047 1,486,560 1,554,625 3,041,185 - 931,661 931,661 3,972,846 2048 1,458,987 1,600,732 3,059,719 955,624 - 955,624 4,015,343 2049 1,424,562 1,667,232 3,091,794 - 992,052 992,052 4,083,846 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣ ⇣
Projected Retiree Benefit Payments Implicit Subsidy
Grand Total
Projection of Benefit Payments
Projected benefit payments for current participants follow. "Future Retirees" are employees currently working, but projected to retire and receive benefits. The projections do not include benefits for employees hired in the future.

Measurement Period Ending June 30:

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
$-
$500,000
$1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 Projected Benefit Payments for Current Participants
Current Retirees Benefit Payments Future Retirees Benefit PaymentsCurrent Retirees Implicit Subsidy Future Retirees Implicit Subsidy Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 19 5.1.a Packet Pg. 27
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
(a) (b) (c) (d) = (f) − (e) (e) = (b) × 3.48%** (f) = (c) × 9.28% 2023 $ 1,505,573 25,723,439 $ 27,229,012 $ 2,269,091 $ 52,394 $ 2,321,485 $ 2024 25,057,669 2,920,141 27,977,810 2,426,037 101,621 2,527,658 2025 24,348,415 4,398,785 28,747,200 2,514,662 153,078 2,667,740 2026 23,654,562 5,883,186 29,537,748 2,536,368 204,735 2,741,103 2027 22,901,305 7,448,731 30,350,036 2,557,267 259,216 2,816,483 2028 22,042,726 9,141,936 31,184,662 2,575,798 318,139 2,893,937 2029 21,159,353 10,882,887 32,042,240 2,594,796 378,724 2,973,5202030 20,322,979 12,600,423 32,923,402 2,616,797 438,495 3,055,2922031 19,443,919 14,384,877 33,828,796 2,638,718 500,594 3,139,3122032 18,515,610 16,243,478 34,759,088 2,660,370 565,273 3,225,6432033 17,630,127 18,084,836 35,714,963 2,684,997 629,352 3,314,3492034 16,722,292 19,974,832 36,697,124 2,710,369 695,124 3,405,4932035 15,863,381 21,842,914 37,706,295 2,739,011 760,133 3,499,1442036 14,846,500 23,896,718 38,743,218 2,763,765 831,606 3,595,3712037 13,892,871 25,915,785 39,808,656 2,792,374 901,869 3,694,243 2038 12,975,313 27,928,081 40,903,394 2,823,938 971,897 3,795,835 2039 12,107,344 29,920,893 42,028,237 2,858,973 1,041,247 3,900,220 2040 11,233,234 31,950,780 43,184,014 2,895,589 1,111,887 4,007,4762041 10,331,327 34,040,247 44,371,574 2,933,081 1,184,601 4,117,6822042 9,348,060 36,243,732 45,591,792 2,969,636 1,261,282 4,230,918 2043 8,427,391 38,418,175 46,845,566 3,010,317 1,336,952 4,347,269 2044 7,426,972 40,706,847 48,133,819 3,050,220 1,416,598 4,466,818 2045 6,502,976 42,954,523 49,457,499 3,094,839 1,494,817 4,589,656 2046 5,703,233 45,114,347 50,817,580 3,145,892 1,569,979 4,715,871 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣
*The contributions for the first two years are calculated separately. Contributions for subsequent years use the percentages shown.**The service cost percentage was determined in the prior report. If benefit payments are higher, they are used in place of the calculated amount.

Projection of Contributions
Payroll Projected Contributions*
Measurement Period Ending June 30:

Current Employees Future Employees Total
Related to Payroll of
Future Employees
Total Employer
Current Participants Contributions
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Projection of Contributions Charts
Projected Payroll for Current and Future Employees
Projected Employer Contributions for Current and Future Plan Participants $100.0 M
$200.0 M
$300.0 M
$400.0 M
$500.0 M
$600.0 M
$700.0 M
Projected Payroll
Series3 Series5 Series1
$0.0 M
$0.0 M
$0.0 M
$0.0 M
$0.0 M
$0.0 M
Projected Employer Contributions
Current Participants
$20.0 M
$40.0 M
$60.0 M
$80.0 M
$100.0 M
$120.0 M
Projected Payroll
Current Employees Future Employees
$2.0 M
$4.0 M
$6.0 M
$8.0 M
$10.0 M
$12.0 M
Projected Employer Contributions
Current Participants — Employer Future Participants
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Measurement Period Ending June 30:

Investment
Rate of
Return
(a)
Projected
Beginning
Fiduciary Net
Position
(b)
Employer
Contributions for
Current Participants
(c)
Projected Benefit
Payments (Including
Implicit Subsidy)
(d)
Projected
Administrative
Expense
(e)
Projected
Investment
Earnings
(f)
Projected Ending
Fiduciary Net
Position
(g) = Σ [(b) : (f)]
2023 4.20% $ 36,225,569 $ 2,269,091 $ (2,321,485) $ (9,989) $ 1,520,164 $ 37,683,350 2024 4.20% 37,683,350 2,426,037 (2,527,658) (10,219) 1,580,352 39,151,8622025 4.20% 39,151,862 2,514,662 (2,596,597) (10,454) 1,642,438 40,701,9112026 4.20% 40,701,911 2,536,368 (2,734,153) (10,694) 1,705,102 42,198,5342027 4.20% 42,198,534 2,557,267 (2,814,343) (10,940) 1,766,710 43,697,2282028 5.90% 43,697,228 2,575,798 (2,810,404) (11,192) 2,570,885 46,022,3152029 5.90% 46,022,315 2,594,796 (2,877,992) (11,449) 2,706,625 48,434,2952030 5.90% 48,434,295 2,616,797 (2,846,614) (11,712) 2,850,498 51,043,2642031 5.90% 51,043,264 2,638,718 (2,930,670) (11,981) 3,002,587 53,741,9182032 5.90% 53,741,918 2,660,370 (2,984,292) (12,257) 3,160,856 56,566,5952033 5.90% 56,566,595 2,684,997 (3,120,218) (12,539) 3,324,220 59,443,0552034 5.90% 59,443,055 2,710,369 (3,238,876) (12,827) 3,491,171 62,392,8922035 5.90% 62,392,892 2,739,011 (3,227,614) (13,122) 3,666,380 65,557,5472036 5.90% 65,557,547 2,763,765 (3,134,582) (13,424) 3,856,560 69,029,8662037 5.90% 69,029,866 2,792,374 (3,245,969) (13,733) 4,058,976 72,621,514 2038 5.90% 72,621,514 2,823,938 (3,356,644) (14,049) 4,268,540 76,343,2992039 5.90% 76,343,299 2,858,973 (3,495,301) (14,372) 4,485,059 80,177,6582040 5.90% 80,177,658 2,895,589 (3,644,399) (14,703) 4,707,958 84,122,1032041 5.90% 84,122,103 2,933,081 (3,661,183) (15,041) 4,941,281 88,320,2412042 5.90% 88,320,241 2,969,636 (3,771,780) (15,387) 5,186,777 92,689,4872043 5.90% 92,689,487 3,010,317 (3,942,207) (15,741) 5,440,725 97,182,5812044 5.90% 97,182,581 3,050,220 (3,923,011) (16,103) 5,707,550 102,001,237 2045 5.90% 102,001,237 3,094,839 (3,912,667) (16,473) 5,993,461 107,160,397 2046 5.90% 107,160,397 3,145,892 (3,946,922) (16,852) 6,298,336 112,640,851 2047 5.90% 112,640,851 3,201,438 (3,972,846) (17,240) 6,622,545 118,474,748 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣ ⇣
Projection of Fiduciary Net Position
Current Participants Only
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
The investment earnings are determined using an investment rate of return of 4.20% for years 1–5 and 5.90% for years 6+ Measurement Period Ending June 30:

Projected
Beginning
Fiduciary Net
Position
Total Projected
Benefit Payments
Funded Portion
of Benefit
Payments
Unfunded Portion
of Benefit
Payments
Present Value of
Funded Benefit
Payments at the
Investment Rate
of Return
Present Value of
Unfunded Benefit
Payments at

3.69%
Present Value of
Benefit Payments
at an Equivalent
Single Discount
Rate of 5.84%
2023 $ 36,225,569 $ 2,321,485 $ 2,321,485 $ 2,274,218 - $ $ - $ 2,256,529 2024 37,683,350 2,527,658 2,527,658 2,376,385 - - 2,321,366 2025 39,151,862 2,596,597 2,596,597 2,342,800 - - 2,253,097 2026 40,701,911 2,734,153 2,734,153 2,367,477 - - 2,241,550 2027 42,198,534 2,814,343 2,814,343 2,338,688 - - 2,179,981 2028 43,697,228 2,810,404 2,810,404 2,050,411 - - 2,056,812 2029 46,022,315 2,877,992 2,877,992 1,982,740 - - 1,990,058 2030 48,434,295 2,846,614 2,846,614 1,851,863 - - 1,859,751 2031 51,043,264 2,930,670 2,930,670 1,800,326 - - 1,809,020 2032 53,741,918 2,984,292 2,984,292 1,731,130 - - 1,740,476 2033 56,566,595 3,120,218 3,120,218 1,709,139 - - 1,719,340 2034 59,443,055 3,238,876 3,238,876 1,675,293 - - 1,686,247 2035 62,392,892 3,227,614 3,227,614 1,576,457 - - 1,587,664 2036 65,557,547 3,134,582 3,134,582 1,445,720 - - 1,456,823 2037 69,029,866 3,245,969 3,245,969 1,413,686 - - 1,425,351 2038 72,621,514 3,356,644 3,356,644 1,380,441 - - 1,392,621 2039 76,343,299 3,495,301 3,495,301 1,357,379 - - 1,370,132 2040 80,177,658 3,644,399 3,644,399 1,336,431 - - 1,349,752 2041 84,122,103 3,661,183 3,661,183 1,267,787 - - 1,281,149 2042 88,320,241 3,771,780 3,771,780 1,233,318 - - 1,247,024 2043 92,689,487 3,942,207 3,942,207 1,217,229 - - 1,231,453 2044 97,182,581 3,923,011 3,923,011 1,143,817 - - 1,157,839 2045 102,001,237 3,912,667 3,912,667 1,077,243 - - 1,091,068 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣ ⇣
Depletion Date Projection
Current Participants Only
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
$20.0 M$40.0 M$60.0 M$80.0 M
$100.0 M$120.0 M
Depletion Date Projection
Funded Portion of Benefit Payments Projected Beginning Fiduciary Net Position Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 24 5.1.a Packet Pg. 32
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Measurement Date (June 30): 2021 2022
Report Date (June 30): 2022 2023
Benefit Payments $ 32,304,091 27,055,650 $
Implicit Subsidy 7,827,273 8,879,467
Total OPEB Liability $ 41,183,558 34,882,923 $
Discount Rate 7.11% 5.84%
Schedule of Implicit Subsidy Liability (Not a Required Schedule) Actuarial standard of practice (ASOP) number 6, "Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions," requires the inclusion of the implicit subsidy in OPEB valuations.The implicit subsidy arises when an employer allows a retiree and the retiree's dependents to continue on the plans for active employees, and pay the active-employee premiums. Retirees are not paying the true cost of their benefits because they have higher costs than active employees, and therefore are partially subsidized by the active employees. Once a retiree reaches Medicare eligibility, the rates are set for Medicare retirees separately, and are set to be sufficient to cover the true costs of the Medicare retirees. Thus, there is no implicit subsidy for Medicare retirees. $27.1M $32.3M
$7.8M
$8.9M $34.9M
$41.2M
2022 2023
Retiree Benefit Payments and Implicit Subsidy
Implicit SubsidyBenefit Payments
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Schedule of Deferred Outflows and Inflows of Resources
2022 2023 2024 2025 2026 20272023 2024 2025 2026 2027 2028 2016–2017 $ - - $ 8.6 3.6 - $ - $ - $ - $ - $ - $ - $
2017–2018 - - 8.6 4.6 - - - - - - -2018–2019 69,702 185,869 8.0 5.0 23,234 23,234 23,234 23,234 23,231 - - 2019–2020 - - 8.0 6.0 - - - - - - -
2020–2021 295,373 2,049,882 6.9 5.9 295,373 295,373 295,373 295,373 295,373 277,644 -2021–2022 - 14,311 6.9 6.9 2,075 2,075 2,075 2,075 2,075 2,075 1,861 2016–2017 - - 8.6 3.6 - - - - - - -2017–2018 - - 8.6 4.6 - - - - - - -2018–2019 281,805 751,478 8.0 5.0 93,935 93,935 93,935 93,935 93,933 - -2019–2020 - - 8.0 6.0 - - - - - - - 2020–2021 (2,475,853) (356,752) 6.9 5.9 (356,752) (356,752) (356,752) (356,752) (356,752) (335,341) - 2021–2022 5,279,367 - 6.9 6.9 765,126 765,126 765,126 765,126 765,126 765,126 688,6112016–2017 (184,027) (184,027) 5.0 0.02017–2018 72,376 57,900 5.0 1.0 14,476 2018–2019 (206,190) (123,714) 5.0 2.0 (41,238) (41,238) 2019–2020 283,133 113,254 5.0 3.0 56,627 56,627 56,6252020–2021 (4,317,021) (863,405) 5.0 4.0 (863,405) (863,405) (863,405) (863,401) 2021–2022 7,030,464 - 5.0 5.0 1,406,093 1,406,093 1,406,093 1,406,093 1,406,092 Summary of Deferred Outflows and Inflows of Resources
Measurement Period: July 1, 2021 – June 30, 2022
Fiscal Reporting Period: July 1, 2022 – June 30, 2023
Measurement Years Ending June 30: 2022 2023 2024 2025 2026 2027 Report Years Ending June 30: 2023 2024 2025 2026 2027 2028 Differences Between Expected and Actual Experience $ 320,682 $ 320,682 $ 320,682 $ 320,682 $ 320,679 $ 279,719 $ 1,861 Changes of Assumptions 502,309 502,309 502,309 502,309 502,307 429,785 688,611Differences Between Projected and Actual Earnings 572,553 558,077 599,313 542,692 1,406,092 - - Total $ 1,395,544 $ 1,381,068 $ 1,422,304 $ 1,365,683 $ 2,229,078 $ 709,504 $ 690,472 RemainingRemaining
Schedule of Deferred Outflows and Inflows of Resources
Increase/(Decrease) in Expense: Measurement / Report Years Ending June 30:

Measurement Period Base Amount
Recognition
Period
Remaining
Period
Differences Between Expected and Actual ExperienceChanges of AssumptionsDifferences Between Projected and Actual Earnings Amount
Previously
Recognized
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Measurement Date (June 30): 2017 2018 2019 2020 2021 2022 Report Date (June 30): 2018 2019 2020 2021 2022 2023
Total OPEB Liability
Service Cost $ 1,261,339 1,184,356 $ 1,430,642 $ 979,601 $ 1,006,540 $ 791,800 $ Interest 1,855,327 1,731,659 1,983,605 2,133,805 2,217,350 2,456,783 Changes of Benefit Terms - - - - - -
Differences Between Expected and
Actual Experience - - 185,869 - 2,049,882 14,311
Changes of Assumptions - - 751,478 - (2,475,853) 5,279,367 Benefit Payments (1,112,432) (1,051,859) (1,512,507) (1,206,708) (1,508,627) (1,665,501) Implicit Subsidy Credit - - - (460,335) (534,423) (576,125) Net Change in Total OPEB Liability 2,004,234 1,864,156 2,839,087 1,446,363 754,869 6,300,635 Total OPEB Liability — Beginning 27,838,370 25,974,214 29,842,604 32,681,691 34,128,054 34,882,923 Total OPEB Liability — Ending (a) $ 29,842,604 27,838,370 $ 32,681,691 $ 34,128,054 $ 34,882,923 $ 41,183,558 $ Plan Fiduciary Net Position
Net Investment Income $ 1,734,983 1,851,190 $ 2,047,647 $ 1,685,464 $ 6,444,525 $ (4,969,140) $ Employer — City's Contributions 538,318 2,533,034 1,206,837 1,206,708 1,808,627 1,665,501 Employer — Implicit Subsidy - - - 460,335 534,423 576,125 Benefit Payments (1,112,432) (1,051,859) (1,512,507) (1,206,708) (1,508,627) (1,665,501) Implicit Subsidy Credit - - - (460,335) (534,423) (576,125) Administrative Expense (14,425) (12,850) (14,388) (15,625) (17,757) (9,989) Other Miscellaneous
Income/(Expense) - - - - - (22,267)
Net Change in Plan Fiduciary Net
Position 1,146,444 3,319,515 1,727,589 1,669,839 6,726,768 (5,001,396) Plan Fiduciary Net Position —
Beginning 28,245,592 24,926,077 29,086,366 31,119,625 32,789,464 39,516,232 Plan Fiduciary Net Position — Ending
(b) $ 29,392,036 28,245,592 $ 30,813,955 $ 32,789,464 $ 39,516,232 $ 34,514,836 $ Net OPEB Liability
City's Net OPEB Liability — Ending =
(a) ‒ (b) $ 450,568 (407,222) $ 1,867,736 $ 1,338,590 $ (4,633,309) $ 6,668,722 $ Plan Fiduciary Net Position as a
Percentage of the Total OPEB
Liability 101.5% 98.5% 94.3% 96.1% 113.3% 83.8%
Covered Payroll $ 30,618,811 29,187,767 $ 33,203,415 $ 32,969,072 $ 31,416,882 $ 26,500,255 $ City's Net OPEB Liability as a
Percentage of Covered Payroll -1.4% 1.5% 5.6% 4.1% -14.7% 25.2% Notes to schedule: the City adopted GASB 75 for the fiscal year ending June 30, 2017.

Schedule of Changes in the Net OPEB Liability and Related Ratios GASB 75 requires a disclosure of the changes in the Net OPEB Liability for the last ten fiscal years, or for as many years as are available.

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
$27.8M
$29.8M
$32.7M
$34.1M $34.9M
$41.2M
$28.2M
$29.4M
$30.8M
$32.8M
$39.5M
$34.5M
-1.4%

1.5%

5.6% 4.1%
-14.7%

25.2%
101.5%

98.5%

94.3% 96.1%
113.3%

83.8%
-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%
$5.0 M
$10.0 M$15.0 M$20.0 M$25.0 M$30.0 M$35.0 M$40.0 M$45.0 M 2018 2019 2020 2021 2022 2023
Schedule of Changes in the Net OPEB Liability and Related Ratios Total OPEB Liability Fiduciary Net Position Net OPEB Liability as a % of Covered-Employee Payroll Funded Ratio Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 28 5.1.a Packet Pg. 36
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Measurement Date (June 30): 2017 2018 2019 2020 2021 2022 Report Date (June 30): 2018 2019 2020 2021 2022 2023
Annual Money-Weighted Rate of Return, Net of
Investment Expense 7.21% 6.24% 7.04% 5.42% 19.57% -12.58% Schedule of Investment Returns
A schedule of investment returns for the last ten fiscal years, or for as many years as are available if less than ten years are available, follows.The annual money-weighted rate of return, net of investment expenses, is the net investment income for the year divided by the average net position for the year (less investment expenses).

7.21% 6.24% 7.04% 5.42%

19.57%
-12.58%
-15.00%-10.00%
-5.00%

0.00%5.00%

10.00%15.00%20.00%25.00%
2018 2019 2020 2021 2022 2023
Investment Returns
Investment Return
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Measurement Period: 2017–2018 2018–2019 2019–2020 2020–2021 2021–2022 Reporting Period: 2018–2019 2019–2020 2020–2021 2021–2022 2022–2023 Report Date (June 30): 2019 2020 2021 2022 2023
Actuarially Determined
Contribution (ADC) $ 1,612,619 1,343,326 $ 1,400,270 $ 1,377,887 $ 2,241,626 $ Less: Contributions Made in
Relation to the ADC − 1,206,837 538,318 1,667,043 2,343,050 2,241,626 Contribution Deficiency
(Excess) 405,782 805,008 (266,773) (965,163) -
Covered Payroll $ 33,203,415 30,618,811 $ 32,969,072 $ 31,416,882 $ 26,500,255 $ Contributions as a Percentage
of Covered Payroll 1.76% 3.63% 5.06% 7.46% 8.46%
Notes to Schedule:

Assumptions and Methods
Actuarial Cost Method: Entry-age normal, level percent of pay Amortization Method: Closed period, level percent of pay Amortization Period: 6.9 years
Inflation:

Assumed Payroll Growth:

Healthcare Trend Rates: 7.00%, trending down to 4.04%
Rate of Return on Assets:

Mortality Rate: CalPERS Rates. See appendix.

Retirement Rates: CalPERS Rates. See appendix.

2.800%4.20%
Schedule of Contributions
GASB 75 requires a schedule of contributions for the last ten fiscal years, or for as many years as are available if less than ten years are available.

2.30%

1.76%

3.63%

5.06%

7.46%

8.46%
$0.5 M$1.0 M$1.5 M$2.0 M$2.5 M
2019 2020 2021 2022 2023
ADC, Contributions, and Percentage of Payroll
Actuarially Determined Contribution (ADC) Contributions Made in Relation to the ADC Contributions as a Percentage of Covered Payroll Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 30 5.1.a Packet Pg. 38
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Accounting Information
Summary of Significant Accounting Policies
Other Postemployment Benefits Other Than Pensions (OPEB) Note X — Other Post-Employment Benefits (OPEB)
Plan Description
Employees Covered by Benefit Terms
Category Count
Inactive employees, spouses, or beneficiaries currently receiving benefit payments: 192 Inactive employees entitled to but not yet receiving benefit payments: 0 Active employees: 272
Total 464
Draft Notes to the Financial Statements
At June 30, 2021 (the census date), the benefit terms covered the following employees:

A draft of the required notes to the City's financial statements, based on the requirements of GASB 75 and our understanding of the City's retiree health plan, follows.

Notes to the Financial Statements
for the Year Ended June 30, 2023
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB and the OPEB expense information about the fiduciary net position of the City's Retiree Health Benefits Plan (the Plan) and additions to/deductions from the Plan's fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the Plan recognizes benefit payments when due and payable in accordance with the benefit terms.

The City administers a single-employer defined-benefit post-employment healthcare plan (the Plan).

Dependents are eligible to enroll, and benefits continue to surviving spouses.

Eligibility for retiree health benefits requires retirement from the City on or after age 50 (age 52 for PEPRA New hires) with at least five years of CalPERS service. Furthermore, benefits offered are based on the class of the employee (Miscellaneous & Safety) and employee's date of hire. For further details about the benefits provided in the Plan, please the the Substantive Plan of this report. The City maintains the authority under which benefit terms are established or may be amended.

Benefits Provided
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Contributions
Contribution rate: 9.28%
Reporting period contributions: 2,241,626 (Includes implicit subsidy credit.) Financial Report
Net OPEB Liability
Actuarial Assumptions
Measurement Date: June 30, 2021 June 30, 2022
Discount Rate 7.11% 5.84%
Investment Rate of Return 5.22% 4.20%
Inflation 2.75% 2.30%
Healthcare Cost Trend Rates
Pre-Medicare 7.00% 6.50% *
Medicare 6.00% 5.50% *
Salary Increases 2.45% 2.80% **
Mortality Rates
Discount Rate
• There were no changes between the measurement date and the report date that are expected to have a significant effect on the total OPEB liability.

GASB 75 allows the use of a discount rate that is up to the expected long-term rate of return on the assets in the Trust set aside to pay benefits, if the plan sponsor makes regular contributions to the Trust such that the assets are not depleted at any point in the future. If the Plans' actuary determines that contributions are not sufficient to keep the Trust funded, a blend of the long-term rate of return and the yield or index rate for 20- year, tax-exempt municipal bonds will be used for the periods when the Trust funds are not sufficient to cover benefit payments. Based on this requirement, and with the approval of the plan sponsor, the discount rate used to measure the total OPEB liability is 5.84%.
*Trending down to 4.04% over 55 years. Applies to calendar years. **Additional merit-based increases based on CalPERS merit salary increase tables.

The City issues a stand-alone financial report that is available to the public. The report is available at:
• Inactive employees (retirees) pay the cost of benefits in excess of the City's contribution. • There were no ad hoc postemployment benefit changes (including ad hoc COLAs) to the plan.

Draft Notes to the Financial Statements
The City makes contributions based on an actuarially determined rate.

The City's total OPEB liability was valued as of June 30, 2021, and was used to calculate the net OPEB liability measured as of June 30, 2022.

The total OPEB liability in the June 30, 2022 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:
• Experience studies come from the CalPERS Pension Assumption Model, dated November 17, 2021. • Projections of the sharing of benefit-related costs are based on an established pattern of practice.

Based on CalPERS Tables
https://www.sanramon.ca.gov/our_city/annual_report
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Long-Term Expected Real Rate of Return
Strategy I Strategy II Strategy III
Asset Class
Global Equity 6.8% 49% 34% 23%
Fixed Income 3.7% 23% 41% 51%
REITS 6.0% 20% 17% 14%
TIPS 2.8% 5% 5% 9%
Commodities 3.4% 3% 3% 3%
Total/Average 100% 100% 100%
CERBT Inflation
Expected Compound Return (1–5 Years) 2.4% 5.1% 4.2% 3.5% Expected Compound Return (6–20 Years) 2.3% 6.3% 5.9% 5.5% Expected Compound Return (1–20 Years) 2.3% 6.0% 5.5% 5.0% Expected Volatility 12.1% 9.9% 8.4%
Plan
The Plan's expected return is weighted by the Plan's expected cash flow.

Expected Compound Return (1–20 Years) 2.3% 5.84%
Current Liability Amount
Current OPEB Liability $ 2,295,082
Non-Current OPEB Liability 38,888,476
Total OPEB Liability $ 41,183,558
Expected Average Remaining Service Lives (EARSL)
EARSL: 6.9 years
The long-term expected rate of return is determined using the long-term rates of return developed by the CalPERS Investment Office for financial reporting after September 30, 2022.

Draft Notes to the Financial Statements
The effects on the total OPEB liability of (1) changes of economic and demographic assumptions or of other inputs and (2) differences between expected and actual experience are required to be included in the OPEB expense in a systematic and rational manner over a closed period equal to the average of the expected remaining service lives of all employees that are provided with benefits through the OPEB plan (active employees and inactive employees), beginning in the current period. The expected average remaining service lives (EARSL) for the current period follows. Note, however, that for calculation purposes, we use 1 when calculating amortizations if the EARSL is less than 1 year. 1–20 Year Projected Compound Return Allocation
Expected Compound Return
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Changes in the Net OPEB Liability
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(a) (b) (c) = (a) − (b)
Balance as of Report Date June 30, 2022 $ 34,882,923 $ 39,516,232 $ (4,633,309) Changes for the Year:

Service Cost 791,800 791,800
Interest 2,456,783 2,456,783
Changes of Benefit Terms - -
Differences Between Expected and Actual
Experience
14,311 14,311
Changes of Assumptions 5,279,367 5,279,367
Contributions
Employer — City's Contributions 1,665,501 (1,665,501)
Employer — Implicit Subsidy 576,125 (576,125)
Net Investment Income (4,969,140) 4,969,140
Benefit Payments (1,665,501) (1,665,501) -
Implicit Subsidy Credit (576,125) (576,125) -
Administrative Expense (9,989) 9,989
Other Miscellaneous Income/(Expense) - (22,267) 22,267
Net Changes (5,001,396) 6,300,635 11,302,031
Balance as of Report Date June 30, 2023 $ 34,514,836 41,183,558 $ 6,668,722 $ Increase/(Decrease)
Draft Notes to the Financial Statements
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Sensitivity of Liabilities to Changes in the Discount Rate and Healthcare Cost Trend Rate 1% Decrease Discount Rate 1% Increase

4.84% 5.84% 6.84%
Total OPEB Liability (Asset) $ 41,183,558 46,413,522 $ 36,983,317 $ Increase (Decrease) 5,229,964 (4,200,241)
% Change 12.7% -10.2%
Net OPEB Liability (Asset) 11,898,686 $ 6,668,722 $ 2,468,481 $ Increase (Decrease) 5,229,964 (4,200,241)
% Change 78.4% -63.0%
1% Decrease Trend Rate 1% Increase

5.50% 6.50% 7.50%
Total OPEB Liability (Asset) $ 36,165,647 $ 41,183,558 $ 47,339,253 Increase (Decrease) (5,017,911) 6,155,695
% Change -12.2% 14.9%
Net OPEB Liability (Asset) $ 1,650,811 $ 6,668,722 $ 12,824,417 Increase (Decrease) (5,017,911) 6,155,695
% Change -75.2% 92.3%
Draft Notes to the Financial Statements
Sensitivity of the total and net OPEB liability to changes in the discount rate. The total and net OPEB liability of the City, as well as what the City's total and net OPEB liability would be if they were calculated using a discount rate that is one percentage point lower (4.84%) or one percentage point higher (6.84%) follows:

Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates.The healthcare trend for this valuation started at 6.50% and decreased to 4.04% over 55 years. The total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower (5.50%) or one percentage point higher (7.50%) than current healthcare cost trend rates follows:

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Accounting Information
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences Between Actual and Expected Experience $ 1,564,305 $ - Changes of Assumptions 4,889,979 (1,762,349)
Net Difference Between Projected and Actual Earnings on OPEB Plan Investments 3,106,174 -
Contributions Subsequent to the Measurement Date - 2,389,658 Total $ 11,950,116 (1,762,349) $
Report Year Ending June 30: Amount
2024 $ 1,381,068
2025 1,422,304
2026 1,365,683
2027 2,229,078
2028 709,504
Remaining 690,472
OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

For the report year ended June 30, 2023, the City recognized an OPEB expense of $2,615,059. The City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Draft Notes to the Financial Statements
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Basis of Valuation
Duration of Coverage
Dependent Coverage
Medical Plan Choices
Medical, Dental, and Vision
Benefits & Eligibility
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Years of Service City Contribution (% of Premiums)
0-3 0%
4-7 50%
8-11 75%
12+ 100%
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Years of Service City Contribution (% of Premiums)
0-3 0%
4-7 50%
8-11 75%
12+ 100%
Benefit Amounts
Substantive Plan
Benefit Amounts
A summary of the substantive plan used as the basis of the valuation follows.

All Retirees
Retiree’s lifetime.

Coverage beyond PEMHCA Minimum Benefit ends upon retiree’s death.

Same as actives.

Percentage of premium paid by City is determined based on date of hire and employee class (i.e. Miscellaneous or Safety).

Miscellaneous Employees (Non-Safety) hired on or before July 1, 2006 Age 50 with at least 5 years of CalPERS service and 4 years of City service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

Safety Employees hired on or before July 1, 2007
Age 50 with at least 5 years of CalPERS service and 4 years of City service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

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Basis of Valuation
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Benefit Amounts
Years of Service City Contribution (% of Premiums)
5 25%
6 30%
7 35%
8 40%
⋮ ⋮
18 90%
19 95%
20 100%
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Benefit Amounts
Years of Service City Contribution (% of Premiums)
5 25%
6 30%
7 35%
8 40%
⋮ ⋮
18 90%
19 95%
20 100%
City Contributions toward premiums begin at 25% for 5 years of service and increase by 5% per year of service.

Safety Employees hired after July 1, 2007 and before July 1, 2014 Age 50 with at least 5 years of CalPERS service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

Substantive Plan
A summary of the substantive plan used as the basis of the valuation follows.

Miscellaneous Employees (Non-Safety) hired after July 1, 2006 and before July 1, 2014 Age 50 with at least 5 years of CalPERS service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

City Contributions toward premiums begin at 25% for 5 years of service and increase by 5% per year of service.

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Basis of Valuation
Census Date:

Age and service determined as of the census date.
< 1 1–4 5–9 10–14 15–19 20–24 25–29 30–34 35–39 40+
< 25 43 7
25–29 94 13
30–34 5 14 12 4 35
35–39 7 15 7 6 5 40
40–44 2 9 13 8 5 1 38
45–49 6 6 6 13 6 5 1 43
50–54 1 2 3 16 6 4 2 34
55–59 13 4 8 9 6 2 33
60–64 23 4 5 2 4 1 21
65–69 1 31 5
70+ 12 3
Total 24 65 57 61 38 21 3 3 272
Average Active Participant Age: 45.4
Average Years of Service: 10.0
Age Retiree Spouse Total
< 50 2 2
50–54 13 17 30
55–59 34 16 50
60–64 24 19 43
65–69 20 13 33
70–74 14 5 19
75–79 63 9
80–84 42 6
85-89
90+
Total 115 77 192
Average Inactive Participant Age: 62.6
Inactive Participants
Participant Summary
Age
Years of Service
Total
Active Participants
June 30, 2021
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Basis of Valuation
Census Date: June 30, 2021
Age and service determined as of the census date.

Participant Summary Charts
Average Employee
Age: 45.4
Average Years of
Service: 10.0
Average Inactive
Age: 62.6
10 20
30 40
50 < 25 25–29 30–34 35–39 40–44 45–49 50–54 55–59 60–64 65–69 70+ Actives by Age Bracket
10 20
30 40
50 60
70 < 1 1–4 5–9 10–14 15–19 20–24 25–29 30–34 35–39 40+
Actives by Years of Service
5 10
15 20
25 30
35 40
< 50 50–54 55–59 60–64 65–69 70–74 75–79 80–84 85-89 90+ Inactives by Age Bracket
Retirees Spouses
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Basis of Valuation
Assumption Rates
Actuarial Cost Method Entry-Age Normal, Level Percentage of Salary Valuation Date
Measurement Date
Report Date
Discount Rate
Mortality
Termination Rates
Disability
Retirement
Annual Per Capita Claims
Cost
Age Males Females
50 13,082 $ 13,562$
55 14,798 14,270
60-64 17,926 15,979
Average Per Capita Cost for
Implicit Subsidy Calculation
Developed based on premiums for the City's enrollment by plan, family demographics from CalPERS plans, and risk scores (both HMO and PPO) for the CalPERS population.

A summary of the actuarial assumptions used for this valuation follows. We considered the reasonableness of each assumption independently based on its own merits, consistent with each other assumption, and the combined impact of all assumptions.

The discount rate selected is 5.84%. GASB 75 allows the use of a discount rate that is up to the expected long-term rate of return on the assets in the Trust set aside to pay benefits, if the plan sponsor makes regular contributions to the Trust such that the assets are not depleted at any point in the future. If the plans' actuary determines that contributions are not sufficient to keep the Trust funded, a blend of the long-term rate of return and the yield or index rate for 20-year, tax-exempt municipal bonds will be used for the periods when the Trust funds are not sufficient to cover benefit payments.

Same as CalPERS. See appendix.

Same as CalPERS. See appendix.

Developed using CalPERS experience to calculate age-related risk scores, but using the City's actual premiums for all other purposes. Assumed annual per capita claims costs follow:

Same as CalPERS. See appendix. Also known as "turnover".

Same as CalPERS. See appendix.

Actuarial Assumptions
June 30, 2021
June 30, 2022
June 30, 2023
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Basis of Valuation
Assumption
Aging or Morbidity Factors
Participant Contributions
Salary Increases
Inflation Rate
Marital Status
Spouse Gender
Spouse Age Difference
Participation
Condition Participation
Eligible for Supplemental Benefits 100%
Eligible for PEMHCA Minimum Only 80%
PEMHCA Category 2021 2022
Admin Fee % of Retiree Premiums 0.27% 0.27%
Minimum (Calendar Year) $143.00 $149.00
Future Retiree election assumptions summarized below:

Current Retirees: Assume current elections continue until decrement.

Actuarial Assumptions
Rates
Based on actual CalPERS HMO and PPO population data.

Based on service at retirement and employee group.

2.80% The salary increase is used to determine the growth in the aggregate payroll.

Individual Salary Increases: 2018 CalPERS Merit Salary Increases.

2.30%. Same as CalPERS.

Current Retirees: Actual spouse coverage is used.

Future retirees: 65% assumed to be married.

Assumes spouse of opposite gender for current and future retirees.

Actual spouse age is used for current retirees. Assumes males are three years older than females for future retirees.

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Basis of Valuation
Assumption Rates
Premiums used to develop aged claims
Grouping EE Only Two-Party
$ 1,699.30 849.65 $
693.96 346.98
Trend Rates
Calendar Year
Pre-Medicare
Trend
Medicare
Trend PEMHCA Trend
2021 7.00% 6.00% 3.00%
2022 6.50% 5.50% 3.00%
2023 6.00% 5.20% 3.00%
2024 5.50% 5.20% 3.00%
2025 5.45% 5.20% 3.00%
2026 5.39% 5.19% 3.00%
2027 5.34% 5.19% 3.00%
2028 5.29% 5.19% 3.00%
2029–2075 … … …
2076+ 4.04% 4.04% 3.00%
Actuarial Assumptions
Premiums
Medical long-term trends from Society of Actuaries "Long Term Healthcare Cost Trends Model v2021_b" using baseline assumptions. Applied to both claims and premiums.

Pre-Medicare
Medicare
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Appendix
About GASB 75
This section includes a brief summary of GASB 75, as well as definitions of some of the key terminology used in this report.

About GASB 75
In General. In June 2015 the Governmental Accounting Standards Board released GASB 75, “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions”. GASB 75 replaced GASB 45 for fiscal years beginning after June 15, 2017, for employers that sponsor OPEB plans. The provisions in GASB 75 are similar to the provisions of GASB 68 for pensions.

Accounting. GASB 75 requires a liability known as the Net OPEB Liability (NOL). The employer recognizes the NOL on its balance sheet. The employer also recognizes an OPEB expense in the income statement. GASB 45 recorded the Unfunded Accrued Actuarial Liability (UAAL) in the notes to the financial statement, whereas GASB 75 records the NOL, which is very similar to the UAAL with just a few technical differences, on the balance sheet.

Financial Statement Impact (Employers). One of the biggest changes to the financial statements of governmental employers that provide OPEB is the reporting of the OPEB liability on the face of the statements rather than in the footnotes. Governments that do not provide OPEB through a trust are required to recognize the entire OPEB liability in the financial statements. For governments that provide OPEB through an OPEB plan that is administered through a trust, the government’s OPEB liability is recognized net of the amount of the OPEB plan’s fiduciary net position.

Changes to the Measurement of the Total OPEB Liability. Measurement of the OPEB liability includes discounting future benefit payments for current and former employees and their beneficiaries to their present value and allocating the present value over past and future periods of the employee service (total OPEB liability), less the amount of the OPEB plan’s fiduciary net position. The calculation continues to include employee-related events, such as projected salary increases and projected years of service, if they affect the amount of OPEB payments employees will receive, as well as provisions for automatic cost-of-living adjustments (COLAs) and other automatic benefits. Additionally, ad hoc COLAs and other ad hoc benefit changes, which are made at the discretion of the government, are included in projections as well, if they routinely recur.

GASB 75 requires governments to discount projected OPEB payments to their present value. Under the new standard, governments discount the projected OPEB payments to be made in each year and the amount of plan assets (if a government administers the OPEB through a trust) available for providing those benefits to current active and inactive employees and their beneficiaries. Similar to the pension standards, the discount rate used is based on whether the plan assets are projected to be sufficient to make future payments. If the plan assets are sufficient, governments discount future payments using the long-term expected rate of return. If projected plan assets are insufficient to make all future payments to current and inactive employees and their beneficiaries, or if there are no plan assets held in trust, the discount rate is based on a high-quality 20-year tax-exempt general obligation municipal bond yield or index rate. “High-quality” is defined as being rated AA or higher (or an equivalent rating).

Cost Method. The Entry Age Normal Cost method must be used.

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Appendix
About GASB 75
About GASB 75 (continued)
Factors that affect a government’s OPEB liability, such as actual earnings on plan investments when the OPEB plan is administered as a trust, employee compensation changes, interest on the outstanding OPEB liability, contributions from employees and employers, and actual demographic and economic changes that are not in line with assumptions made in the actuarial calculations, are considered when determining the government’s OPEB expense. A government’s annual OPEB expense is calculated with consideration for factors affecting the OPEB liability within the reporting period. Several causes of changes in OPEB liability are immediately factored into the calculation of OPEB expense for the period, such as benefits earned each year, interest on the total OPEB liability, changes in benefit terms, and projected earnings on plan investments, if administered through a trust.

Governments are required to recognize deferred outflows of resources or deferred inflows of resources and then introduce into the expense calculation, systematically and rationally over the average remaining years of employment (active employees and inactive employees, including retirees), the effect on the total OPEB liability of differences between assumptions and actual experience.

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Appendix
Actuarially Determined
Contribution
A target or recommended contribution to a defined benefit OPEB plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.

Actuarial Present Value
of Projected Benefit
Payments
Projected benefit payments discounted to reflect the expected effects of the time value (present value) of money and the probabilities of payment.

Agent Employer An employer whose employees are provided with OPEB through an agent multipleemployer defined-benefit OPEB plan.

Closed Period A specific number of years that is counted from one date, which declines to zero with the passage of time. For example, if the recognition period initially is five years on a closed basis, four years remain after the first year, three years after the second year, and so forth until no years remain.

Contributions Additions to an OPEB plan's fiduciary net position for amounts from employers, nonemployer contributing entities, or employees.

Dates and Periods
• Census Date The date of the census. It is usually the same as the Valuation Date. • Measurement Date The date on which assets are measured. The liabilities are rolled forward to this date from the Valuation Date, should it differ, using actuarial roll-forward techniques.
• Measurement Period The year ending on the Measurement Date. • Report Date The date on which the amounts are reported in the financial statements. It is the same as the fiscal year-end. It may be up to one year ahead of the Measurement Date, with no roll-forward of liabilities or assets required. • Reporting Period The year ending on the Report Date. It is the same as the fiscal year. • Valuation Date The date on which the liabilities are valued.

Deferred Inflows and
Outflows of Resources
The portion of the changes in the Net OPEB Liability that are not recognized in the current pension expense and are recognized in later periods. The changes deferred include differences between expected and actual experience, changes in assumptions, and differences between expected and actual earnings on OPEB plan investments.

Key Terminology
About GASB 75
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Appendix
Defined-Benefit OPEB OPEB for which the benefits that the employee will receive at or after separation from employment are defined by the benefit terms. The OPEB may be stated as (a) a specified dollar amount (b) an amount that is calculated based on one or more factors such as age, years of service, and compensation, or (c) a type or level of coverage such as prescription drug coverage or a percentage of health insurance premiums. OPEB that does not have all of the terms of defined contribution OPEB is classified as defined-benefit OPEB.

Discount Rate The single rate of return that reflects the following:
a. The long-term expected rate of return on OPEB plan investments that are expected to be used to finance the payment of benefits, to the extent that (1) the OPEB plan's fiduciary net position is projected to be sufficient to make projected benefit payments, and (2) OPEB plan assets are expected to be invested using a strategy to achieve that return.
b. A yield or index rate for 20-year, tax-exempt general-obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another scale), to the extent that the conditions in (a) are not met.

Fiduciary Net Position The market value of assets as of the Measurement Date.

Implicit Subsidy The implicit subsidy arises when an employer allows a retiree and the retiree's dependents to continue on the plans for active employees, and pay the activeemployee premiums. Retirees are not paying the true cost of their benefits because they have higher costs than active employees, and therefore are partially subsidized by the active employees. Once a retiree reaches Medicare eligibility, the rates are set for Medicare retirees separately, and are set to be sufficient to cover the true costs of the Medicare retirees. Thus, there is no implicit subsidy for Medicare retirees.

Net OPEB Liability The Total OPEB Liability minus the Fiduciary Net Position.

Normal Cost See Service Cost.

Other Postemployment
Benefits (OPEB)
Benefits (such as death benefits, life insurance, disability, and long-term care) that are paid in the period after employment and that are provided separately from a pension plan, as well as healthcare benefits paid in the period after employment, regardless of the manner in which they are provided. OPEB does not include termination benefits or termination payment for sick leave.

Projected Benefit
Payments
All benefits estimated to be payable through OPEB plan to current active and inactive employees as a result of their past service and their expected future service.

Key Terminology (continued)
About GASB 75
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Appendix
Service Cost The portions of the actuarial present value of projected benefit payments that are attributed to valuation years. Also called Normal Cost.

Substantive Plan The plan terms as understood by the employer and the plan members at the time of the valuation, including only changes to plan terms that have been made and communicated to employees.

Total OPEB Liability The liability of employers and non-employer contributing entities to employees for benefits provided through a defined-benefit OPEB plan that is administered through a trust that meets the criteria in paragraph 4 of GASB 75.

About GASB 75
Key Terminology (continued)
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Appendix
Mortality Source Table
Miscellaneous Employees Mort and Disb Rates_PA Misc
Safety Employees Mort and Disb Rates_PA Police
Disability Rates
Miscellaneous Employees Mort and Disb Rates_PA Misc
Safety Employees Mort and Disb Rates_PA Police
Terminated Refund Rates
Miscellaneous Employees Terminated Refund Rates_Misc
Safety Employees Terminated Refund Rates_Police
Terminated Vested Rates
Miscellaneous Employees Terminated Vested Rates_PA Misc Safety Employees Terminated Vested Rates_Police
Salary Scale Rates
Miscellaneous Employees Salary Scale Rates_PA Misc
Safety Employees Salary Scale Rates_PA Police
Service Retirement Rates
Miscellaneous Employees
• 2.0% at 60 Rx PA Misc 2% @ 60
• 2.0% at 62 Rx PA Misc 2% @ 62
• 2.7% at 55 Rx PA Misc 2.7% @ 55
Safety Employees
• 2.7% at 57 Rx PA Safety Police 2.7% @ 57
• 3.0% at 50 Rx Safety Police 3% @ 50
• 3.0% at 55 Rx Safety Police 3% @ 55
The valuation used the following decrement tables from the CalPERS OPEB Assumption Model, dated November 17, 2021:

Decrement Tables
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Appendix
Public Agency Miscellaneous
Attained
Age
Non
Industrial
Death
Industrial
Death
Non
Industrial
Death
Industrial
Death
Healthy
Recipients
Non
Industrially
Disabled
Industrially
Disabled
Healthy
Recipients
Non
Industrially
Disabled
Industrially
Disabled
Non
Industrial
Disability
Industrial
Disability
Non
Industrial
Disability
Industrial
Disability
1 0.00000 0.00000 0.00000 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00000 0.00000 0.00000 0.000005 0.00000 0.00000 0.00000 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00000 0.00000 0.00000 0.00000 10 0.00000 0.00000 0.00000 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00000 0.00000 0.00000 0.0000015 0.00016 0.00000 0.00003 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00017 0.00000 0.00010 0.0000020 0.00022 0.00000 0.00007 0.00000 0.00022 0.00022 0.00004 0.00007 0.00007 0.00004 0.00017 0.00000 0.00010 0.0000025 0.00029 0.00000 0.00011 0.00000 0.00029 0.00029 0.00006 0.00011 0.00011 0.00006 0.00017 0.00000 0.00010 0.0000030 0.00038 0.00000 0.00016 0.00000 0.00038 0.00038 0.00007 0.00016 0.00016 0.00007 0.00019 0.00000 0.00024 0.0000035 0.00049 0.00000 0.00027 0.00000 0.00049 0.00049 0.00009 0.00027 0.00027 0.00009 0.00039 0.00000 0.00071 0.0000040 0.00064 0.00000 0.00037 0.00000 0.00064 0.00064 0.00010 0.00037 0.00037 0.00010 0.00102 0.00000 0.00135 0.0000045 0.00080 0.00000 0.00054 0.00000 0.00080 0.00080 0.00012 0.00054 0.00054 0.00012 0.00151 0.00000 0.00188 0.0000050 0.00116 0.00000 0.00079 0.00000 0.00372 0.01183 0.00372 0.00346 0.01083 0.00346 0.00158 0.00000 0.00199 0.0000055 0.00172 0.00000 0.00120 0.00000 0.00437 0.01613 0.00437 0.00410 0.01178 0.00410 0.00158 0.00000 0.00149 0.0000060 0.00255 0.00000 0.00166 0.00000 0.00671 0.02166 0.00671 0.00476 0.01404 0.00476 0.00153 0.00000 0.00105 0.0000065 0.00363 0.00000 0.00233 0.00000 0.00928 0.02733 0.01113 0.00637 0.01757 0.00765 0.00128 0.00000 0.00088 0.0000070 0.00623 0.00000 0.00388 0.00000 0.01339 0.03358 0.01607 0.00926 0.02184 0.01112 0.00102 0.00000 0.00084 0.0000075 0.01057 0.00000 0.00623 0.00000 0.02316 0.04277 0.02779 0.01635 0.02969 0.01962 0.00102 0.00000 0.00088 0.0000080 0.01659 0.00000 0.00939 0.00000 0.03977 0.06272 0.04773 0.03007 0.04641 0.03609 0.00102 0.00000 0.00088 0.0000085 0.00000 0.00000 0.00000 0.00000 0.07122 0.09793 0.08547 0.05418 0.07847 0.06501 0.00000 0.00000 0.00000 0.0000090 0.00000 0.00000 0.00000 0.00000 0.13044 0.14616 0.14348 0.10089 0.13220 0.11098 0.00000 0.00000 0.00000 0.0000095 0.00000 0.00000 0.00000 0.00000 0.21658 0.21658 0.21658 0.17698 0.21015 0.17698 0.00000 0.00000 0.00000 0.00000 100 0.00000 0.00000 0.00000 0.00000 0.32222 0.32222 0.32222 0.28151 0.32226 0.28151 0.00000 0.00000 0.00000 0.00000105 0.00000 0.00000 0.00000 0.00000 0.46691 0.46691 0.46691 0.43491 0.43491 0.43491 0.00000 0.00000 0.00000 0.00000110 0.00000 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 0.00000 0.00000 0.00000 0.00000115 0.00000 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 0.00000 0.00000 0.00000 0.00000120 0.00000 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 0.00000 0.00000 0.00000 0.00000 Notes:
1) Pre-Retirement and Post-Retirement mortality rates include 20 years of projected on-going mortality improvement using Scale BB published by the Society of Actuaries. 2) Miscellaneous Plans usually have Industrial Death rates set to zero unless the agency has specifically contracted for Industrial Death benefits. If so, each Non-Industrial Death rate shown above will be split into two components: 99% will become the Non-Industrial Death rate and 1% will become the Industrial Death rate. 3) The Miscellaneous Non-Industrial Disability rates are used for Local Prosecutors.4) Normally, Industrial Disability rates are zero for miscellaneous plans unless the agency has specifically contracted for Industrial Disability benefits. If so, each miscellaneous nonindustrial disability rate will be split into two components: 50% will become the Non-Industrial Disability rate and 50% will become the Industrial Disability rate.

Sample Mortality and Disability Rates
Pre-Retirement Mortality Post-Retirement Mortality Disability Male Assumptions Female Assumptions Male Assumptions Female Assumptions Male Assumptions Female Assumptions Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 50 5.1.a Packet Pg. 58
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Public Agency Police
Attained
Age
Non
Industrial
Death
Industrial
Death
Non
Industrial
Death
Industrial
Death
Healthy
Recipients
Non
Industrially
Disabled
Industrially
Disabled
Healthy
Recipients
Non
Industrially
Disabled
Industrially
Disabled
Non
Industrial
Disability
Industrial
Disability
Non
Industrial
Disability
Industrial
Disability
1 0.000000 0.000000 0.000000 0.000000 0.000155 0.000155 0.000030 0.000034 0.000034 0.000030 0.000000 0.000000 0.000000 0.0000005 0.000000 0.000000 0.000000 0.000000 0.000155 0.000155 0.000030 0.000034 0.000034 0.000030 0.000000 0.000000 0.000000 0.000000 10 0.000000 0.000000 0.000000 0.000000 0.000155 0.000155 0.000030 0.000034 0.000034 0.000030 0.000000 0.000000 0.000000 0.00000015 0.000155 0.000030 0.000034 0.000030 0.000155 0.000155 0.000030 0.000034 0.000034 0.000030 0.000100 0.000020 0.000100 0.00002020 0.000216 0.000040 0.000069 0.000040 0.000216 0.000216 0.000040 0.000069 0.000069 0.000040 0.000100 0.000020 0.000100 0.00002025 0.000289 0.000060 0.000109 0.000060 0.000289 0.000289 0.000060 0.000109 0.000109 0.000060 0.000100 0.001650 0.000100 0.00165030 0.000379 0.000070 0.000155 0.000070 0.000379 0.000379 0.000070 0.000155 0.000155 0.000070 0.000200 0.004760 0.000200 0.00476035 0.000491 0.000090 0.000270 0.000090 0.000491 0.000491 0.000090 0.000270 0.000270 0.000090 0.000300 0.007880 0.000300 0.00788040 0.000637 0.000100 0.000366 0.000100 0.000637 0.000637 0.000100 0.000366 0.000366 0.000100 0.000400 0.011000 0.000400 0.01100045 0.000795 0.000120 0.000543 0.000120 0.000795 0.000795 0.000120 0.000543 0.000543 0.000120 0.000500 0.014120 0.000500 0.01412050 0.001161 0.000130 0.000794 0.000130 0.003716 0.011831 0.003716 0.003458 0.010830 0.003458 0.000800 0.018460 0.000800 0.01846055 0.001717 0.000150 0.001204 0.000150 0.004369 0.016132 0.004369 0.004097 0.011777 0.004097 0.001300 0.047850 0.001300 0.04785060 0.002550 0.000160 0.001657 0.000160 0.006712 0.021658 0.006712 0.004763 0.014036 0.004763 0.002000 0.060240 0.002000 0.060240 r 0.003626 0.000180 0.002329 0.000180 0.009275 0.027330 0.011130 0.006372 0.017570 0.007647 0.002000 0.072770 0.002000 0.072770 70 0.006227 0.000190 0.003883 0.000190 0.013389 0.033583 0.016067 0.009262 0.021835 0.011115 0.002000 0.085490 0.002000 0.08549075 0.010572 0.000210 0.006228 0.000210 0.023161 0.042774 0.027794 0.016348 0.029693 0.019617 0.002000 0.098420 0.002000 0.09842080 0.016593 0.000220 0.009391 0.000220 0.039774 0.062721 0.047729 0.030072 0.046406 0.036086 0.002000 0.111610 0.002000 0.11161085 0.000000 0.000000 0.000000 0.000000 0.071221 0.097926 0.085465 0.054179 0.078465 0.065014 0.000000 0.000000 0.000000 0.00000090 0.000000 0.000000 0.000000 0.000000 0.130438 0.146163 0.143482 0.100892 0.132204 0.110981 0.000000 0.000000 0.000000 0.00000095 0.000000 0.000000 0.000000 0.000000 0.216577 0.216577 0.216577 0.176976 0.210147 0.176976 0.000000 0.000000 0.000000 0.000000 100 0.000000 0.000000 0.000000 0.000000 0.322218 0.322218 0.322218 0.281511 0.322263 0.281511 0.000000 0.000000 0.000000 0.000000105 0.000000 0.000000 0.000000 0.000000 0.466914 0.466914 0.466914 0.434914 0.434914 0.434914 0.000000 0.000000 0.000000 0.000000110 0.000000 0.000000 0.000000 0.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 0.000000 0.000000 0.000000 0.000000115 0.000000 0.000000 0.000000 0.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 0.000000 0.000000 0.000000 0.000000120 0.000000 0.000000 0.000000 0.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 0.000000 0.000000 0.000000 0.000000 Notes:
1) Pre-Retirement and Post-Retirement mortality rates include 15 years of projected on-going mortality improvement using MP2016 published by the Society of Actuaries.2) The Police Non-Industrial Disability rates are used for Other Safety, Local Sheriff, and School Police.3) The Police Industrial Disability rates are used for Local Sheriff and Other Safety.4) One Percent of the Police Industrial Disability rates are used for Local Prosecutors.

Sample Mortality and Disability Rates
Pre-Retirement Mortality Post-Retirement Mortality Disability Male Assumptions Female Assumptions Male Assumptions Female Assumptions Male Assumptions Female Assumptions Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 51 5.1.a Packet Pg. 59
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Appendix
Sample Terminated Refund Rates
Entry Ages Public Agency Miscellaneous
Service 15 20 25 30 35 40 45 50 55 59
0 0.18120 0.17420 0.16740 0.16060 0.15370 0.14680 0.14000 0.13320 0.12620 0.120805 0.02320 0.02120 0.01930 0.01740 0.01550 0.01360 0.01160 0.00970 0.00780 0.00620 10 0.01550 0.01380 0.01210 0.01040 0.00880 0.00710 0.00550 0.00380 0.00210 0.0008015 0.00700 0.00600 0.00510 0.00420 0.00320 0.00230 0.00140 0.00040 0.00020 0.0002020 0.00450 0.00370 0.00290 0.00210 0.00130 0.00050 0.00010 0.00010 0.00010 0.0001025 0.00240 0.00170 0.00110 0.00050 0.00010 0.00010 0.00010 0.00010 0.00010 0.0001030 0.00110 0.00050 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.0000035 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.0000040 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.00000 0.0000045 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 Sample Terminated Vested Rates
Entry Ages Public Agency Miscellaneous
Service 15 20 25 30 35 40 45 50 55 59
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.000005 0.07140 0.06560 0.05970 0.05370 0.04770 0.04180 0.00000 0.00000 0.00000 0.00000 10 0.05940 0.05300 0.04660 0.04030 0.03390 0.00000 0.00000 0.00000 0.00000 0.0000015 0.05110 0.04430 0.03730 0.03050 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000020 0.04050 0.03330 0.02610 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000025 0.02880 0.02120 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000030 0.01500 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000035 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000040 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000045 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 When a member is eligible to retire, the termination with vested benefits probability is set to zero Sample Termination Rates
Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 52 5.1.a Packet Pg. 60
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Appendix
Sample Terminated Refund Rates
Entry Ages Public Agency Police
Service 15 20 25 30 35 40 45 50 55 59
0 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.101305 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 10 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.0053015 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.0027020 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.0017025 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.0012030 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.0000035 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.00000 0.0000040 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.00000 0.00000 0.0000045 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 Sample Terminated Vested Rates
Entry Ages Public Agency Police
Service 15 20 25 30 35 40 45 50 55 60
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.000005 0.01630 0.01630 0.01630 0.01630 0.01630 0.01630 0.00000 0.00000 0.00000 0.00000 10 0.01260 0.01260 0.01260 0.01260 0.01260 0.00000 0.00000 0.00000 0.00000 0.0000015 0.00820 0.00820 0.00820 0.00820 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000020 0.00650 0.00650 0.00650 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000025 0.00580 0.00580 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000030 0.00560 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000035 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000040 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000045 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 When a member is eligible to retire, the termination with vested benefits probability is set to zero Sample Termination Rates
Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 53 5.1.a Packet Pg. 61
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Appendix
Entry Ages Public Agency Miscellaneous
Service 15 20 25 30 35 40 45 50 55 60 65 70 75 79
0 0.1220 0.1220 0.1220 0.1160 0.1090 0.1020 0.0950 0.0950 0.0950 0.0950 0.0950 0.0950 0.0950 0.09505 0.0640 0.0640 0.0640 0.0600 0.0550 0.0520 0.0480 0.0480 0.0480 0.0480 0.0480 0.0480 0.0480 0.0480 10 0.0460 0.0460 0.0460 0.0430 0.0410 0.0390 0.0370 0.0370 0.0370 0.0370 0.0370 0.0370 0.0370 0.037015 0.0420 0.0420 0.0420 0.0400 0.0380 0.0360 0.0340 0.0340 0.0340 0.0340 0.0340 0.0340 0.0340 0.034020 0.0390 0.0390 0.0390 0.0380 0.0360 0.0340 0.0330 0.0330 0.0330 0.0330 0.0330 0.0330 0.0330 0.033025 0.0370 0.0370 0.0370 0.0360 0.0340 0.0330 0.0310 0.0310 0.0310 0.0310 0.0310 0.0310 0.0310 0.031030 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030035 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030040 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030045 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030050 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 Entry Ages Public Agency Police
Service 15 20 25 30 35 40 45 50 55 60 65 70 75 79
0 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.1027 0.1027 0.1027 0.10275 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.0300 0.0300 0.0300 0.0300 10 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.0145 0.0145 0.0145 0.014515 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.0150 0.0150 0.0150 0.015020 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.0155 0.0155 0.0155 0.015525 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.0160 0.0160 0.0160 0.016030 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016535 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016540 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016545 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016550 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.0165 Sample Salary Scale Rates
Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 54 5.1.a Packet Pg. 62
Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the Appendix
Attained Ages Public Agency Miscellaneous 2% @ 60
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.02000 0.01900 0.07000 0.14000 0.14000 1.00000 1.00000 10 0.02000 0.02600 0.07400 0.17800 0.17800 1.00000 1.00000 15 0.02000 0.03300 0.08900 0.21500 0.21500 1.00000 1.00000 20 0.02000 0.09200 0.11300 0.26400 0.26400 1.00000 1.00000 25 0.02000 0.13600 0.13700 0.32100 0.32100 1.00000 1.00000 30 0.15000 0.14600 0.16100 0.37700 0.37700 1.00000 1.00000 35 0.15000 0.15000 0.24600 0.41200 0.41200 1.00000 1.00000 40 0.00000 0.15000 0.29600 0.42000 0.42000 1.00000 1.00000 45 0.00000 0.00000 0.29600 0.42000 0.42000 1.00000 1.00000 50 0.00000 0.00000 0.00000 0.42000 0.42000 1.00000 1.00000 Attained Ages Public Agency Miscellaneous 2% @ 62
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.00000 0.01000 0.03100 0.10800 0.12000 1.00000 1.00000 10 0.00000 0.01900 0.05100 0.14100 0.15600 1.00000 1.00000 15 0.00000 0.02800 0.07100 0.17300 0.19300 1.00000 1.00000 20 0.00000 0.03600 0.09100 0.20600 0.22900 1.00000 1.00000 25 0.00000 0.06100 0.11100 0.23900 0.26500 1.00000 1.00000 30 0.00000 0.09600 0.13800 0.30000 0.33300 1.00000 1.00000 35 0.00000 0.15200 0.18300 0.34800 0.38700 1.00000 1.00000 40 0.00000 0.18000 0.20400 0.36000 0.40000 1.00000 1.00000 45 0.00000 0.00000 0.20400 0.36000 0.40000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Attained Ages Public Agency Miscellaneous 2.7% @ 55
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.00300 0.03300 0.06000 0.14000 0.15000 1.00000 1.00000 10 0.01000 0.05500 0.08600 0.17400 0.18100 1.00000 1.00000 15 0.01600 0.07800 0.11200 0.20800 0.21200 1.00000 1.00000 20 0.03400 0.11300 0.15000 0.25400 0.24300 1.00000 1.00000 25 0.03300 0.15600 0.18200 0.30600 0.29100 1.00000 1.00000 30 0.04500 0.23400 0.23800 0.38900 0.35000 1.00000 1.00000 35 0.12000 0.36100 0.30200 0.42200 0.39000 1.00000 1.00000 40 0.00000 0.42500 0.33000 0.42200 0.40000 1.00000 1.00000 45 0.00000 0.00000 0.33000 0.42200 0.40000 1.00000 1.00000 50 0.00000 0.00000 0.00000 0.42200 0.40000 1.00000 1.00000 Matrix of Sample Service Retirement Assumption Rates
Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 55

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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

Appendix
Attained Ages Public Agency Safety Police 2.7% @ 57
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.05000 0.06840 0.15000 1.00000 1.00000 1.00000 1.00000 10 0.05000 0.06840 0.15000 1.00000 1.00000 1.00000 1.00000 15 0.05000 0.06840 0.15000 1.00000 1.00000 1.00000 1.00000 20 0.05000 0.09120 0.15000 1.00000 1.00000 1.00000 1.00000 25 0.05000 0.13395 0.15000 1.00000 1.00000 1.00000 1.00000 30 0.10000 0.24225 0.22750 1.00000 1.00000 1.00000 1.00000 35 0.11000 0.38760 0.35000 1.00000 1.00000 1.00000 1.00000 40 0.00000 0.38760 0.35000 1.00000 1.00000 1.00000 1.00000 45 0.00000 0.00000 0.35000 1.00000 1.00000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Attained Ages Public Agency Police 3.0% @ 50
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.05000 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 10 0.05000 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 15 0.05000 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 20 0.10000 0.12000 0.15000 1.00000 1.00000 1.00000 1.00000 25 0.15500 0.17500 0.18500 1.00000 1.00000 1.00000 1.00000 30 0.40000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 35 0.40000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 40 0.00000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 45 0.00000 0.00000 0.35000 1.00000 1.00000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Attained Ages Public Agency Police 3.0% @ 55
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.03500 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 10 0.03500 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 15 0.03500 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 20 0.03500 0.12000 0.15000 1.00000 1.00000 1.00000 1.00000 25 0.07000 0.17500 0.18500 1.00000 1.00000 1.00000 1.00000 30 0.09000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 35 0.15400 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 40 0.00000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 45 0.00000 0.00000 0.35000 1.00000 1.00000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Matrix of Sample Service Retirement Assumption Rates
Precision Actuarial Inc. / GovInvest inc. 9/18/2023 Page | 56

5.1.a
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Attachment: A: GASB 75 OPEB Valuation Report Measured as of June 30, 2022 for disclosures for the fiscal year ending June 30, 2023 (4165 :

FINANCE COMMITTEE STAFF REPORT
DATE: November 6, 2023
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: California Employer’s Benefit Trust (CERBT) for the Period Ending September 30, 2023

RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the CERBT Statement for the period ending September 30, 2023.

BACKGROUND/DISCUSSION
On November 14, 2014, the City Council approved participation in CERBT for purposes of prefunding the City’s long-term obligation for health benefits accrued to retired City employees.

Assets in this Trust can only be used for payment of these benefits and may not be used for other governmental purposes.

At the start of July 2023, the CERBT had a balance of $33,964,085. During this quarter, the trust had investment losses of ($1,511,302), and expenses of ($7,231), leaving an ending balance of $32,445,552 at June 30, 2023. As of the most recent actuarial valuation, which has a measurement date of June 30, 2022, the OPEB liability measured $41,183,558 and was 84% funded. With the current ending balance, the funding status of the OPEB liability is 78%.

FISCAL ANALYSIS
This item is for informational purposes only-there is no fiscal impact.

STEPS FOLLOWING APPROVAL
None

ATTACHMENT
A: California Employer's Benefit Trust for the Period Ending September 30, 2023

5.2 Packet Pg. 65
City of San Ramon
Please note the Grand Total is your actual fund account balance at the end of the period, including all contributions per GASB 74 paragraph 22 and accrued disbursements. Please review your statement promptly. All information contained in your statement will be considered true and accurate unless you contact us within 30 days of receipt of this statement. If you have questions about the validity of this information, please contact [email protected]. 1,731,976.212 1,731,976.212
$30,666,920.56 $30,666,920.56
Period Ending Unit Value 18.733255 18.733255
Period Beginning Unit Value 19.597055 19.597055
(91,905.819)

0.000
1,823,882.031
(91,905.819)

0.000
1,823,882.031
Current Period Year to Date
Ending Units
Unit Sales for Withdrawals
Unit Purchases from Contributions
Beginning Units
Market Value Summary: Unit Value Summary:

Grand Total $32,445,552.47 $32,445,552.47
(1,778,631.91)
(4,176.72)

0.00 (1,511,301.67)

0.00 $33,964,084.69
(1,778,631.91)
(4,176.72)

0.00 (1,511,301.67)

0.00 $33,964,084.69
Current Period Year to Date
Ending Balance
Disbursement
Administrative Expenses
Other
Investment Earnings
Contribution
Beginning Balance
QTD Fiscal QTD Fiscal
FY End Contrib per GASB 74 Para 22 0.00 0.00
Transfer In
Transfer Out

0.00 0.00

0.00 0.00
Unit Transfer In
Unit Transfer Out

0.000

0.000

0.000

0.000
Investment Expense (3,053.83) (3,053.83)
CERBT Strategy 2
Entity #: SKB7-4889155551-001
Quarter Ended September 30, 2023
FY End Disbursement Accrual 1,778,631.91 1,778,631.91

5.2.a
Packet Pg. 66
Attachment: A: California Employer's Benefit Trust for the Period Ending September 30, 2023 (4166 :

Statement of Transaction Detail for the Quarter Ending 09/30/2023 City of San Ramon
Entity #: SKB7-4889155551-001
Date Description Amount Unit Value Units Check/Wire Notes 07/03/2023 FY 22-23 Disbursement
Accrual Reversal
$1,778,631.91
07/06/2023 Distribution ($1,778,631.91) $19.352767 (91,905.819) If you have any questions or comments regarding the new statement format please contact [email protected] Client Contact:

[email protected]

5.2.a
Packet Pg. 67
Attachment: A: California Employer's Benefit Trust for the Period Ending September 30, 2023 (4166 :